Punj Lloyd, a global engineering, procurement, construction (EPC) conglomerate, has received an EPC contract of over Rs 1100 crore from GMR Hyderabad Vijaywada Expressways for 116.5 km of National Highway No 9.
The scrip is currently trading at Rs 187.55 per share, up 6.70 points or 3.70% on the BSE
The stock opened at Rs 178 compared to its previous close of Rs 180.85. Intraday, the counter has touched a high and a low of Rs 190.25 and Rs 175.30, respectively.
So far 17,60,000 shares of the company were traded on the BSE.
The stock of the face value of Rs 2 touched its 52-week high of Rs 298.80 on October 15, 2009 and a 52-week low of Rs 66.65 on March 6, 2009.
The National Highways Authority of India (NHAI) had earlier awarded the project on a build, operate and transfer (Toll) basis to GMR Hyderabad Vijaywada Expressways Private Limited, which has been sub-contracted to Punj Lloyd.
Punj Lloyd will widen the highway from two to 4/6 lanes along with 38 km of service roads. The scope of work will also include construction of two major bridges, 32 minor bridges, 174 culverts and 31 vehicular, pedestrian & cattle underpasses, apart from 66000 sq m of reinforced earth retaining wall.
Hyderabad and Vijaywada are important commercial hubs of Andhra Pradesh and this project will help boost trade and commerce in the region. In addition to increasing the direct connectivity between these two major cities of the state, Kolkata and Bangalore will also have improved connectivity consequent to the implementation of this highway.
Promoters held 37.39% stake, FIIs and DIIs held 13.46% and 26.76% stake, respectively, while others held 22.39% stake in the company at the end of December 2009.
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