Petron Engg builds up
Petron Engineering Construction, which closed yesterday at Rs.112.75, opened higher today at Rs.112.35 and went on to hit an intra day high at Rs.114.25, getting closer to its 52-week high of Rs.118. Volumes are up almost two times.
The stock has spiked up on the back of its announcement made yesterday evening, post market closing that it has received Letter of Award for civil contract at Nagpur Cement Works, Village Tarsa, Tehsil -Mauda, Dist. Nagpur, Maharashtra from UltraTech Cement Limited for a total Contract Value of Rs 54.70 crores plus service tax.
Prior to this, on 28th Feb too, the company had issued a statement saying that it had received an order from BPCL for implementing an Integrated Refinery Expansion Project (IREP) at its Kochi Refinery for a Contract Value of apprx. Rs. 213 crore, plus Service Tax.
Hopefully these orders will help the company perform better in the coming months as it has not ended Q3FY14 on a good note, with net profit, YoY falling 45% to Rs.33 lakh, on a 27% fall in net sales.