Punj Lloyd surges 9% after JV wins project worth Rs 1,177 crore

For the quarter ended June 30, 2017, the company reported total revenue at 977.34 crore while net loss stood at 194.32 crore. NSEBSEPunj LloydLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES NEW DELHI: Shares of Punj Lloyd rallied over 9 per cent in Thursday’s trade after its joint venture won a road project in Myanmar from the National Highways Authority of India.

    Following the development, the stock advanced 9.16 per cent to Rs 20.85 on BSE. It opened at Rs 20.10 and touched an intraday high and low of Rs 21 and Rs 20.10 respectively, in the first hour of trade.

    «The NHAI has awarded its first international project in Myanmar. A joint venture between Punj Llyod and Varaha Infrastructure has won the bid to construct the Yagyi-Kalewa road section in Myanmar at a cost of Rs 1,177 crore,» a senior NHAI official said.

    Under the project, the company will be required to build a road stretch of nearly 120 km within 36 months and the job includes construction of 3 major and 2 minor bridges, PTI reported.

    Promoters held 35.80 per cent stake in the company as of June 2017.

    For the quarter ended June 30, 2017, the company reported total revenue at 977.34 crore while net loss stood at 194.32 crore.

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