Punj Lloyd builds up

Punj Lloyd is doing well today. Opening higher at Rs.29 levels, the stock hit an intra day high at Rs.30.60 and it currently around the same level, up almost 3%.

This sudden buzz around the stock is on the back of the robust order of Rs.1270 crore it secured from Yemen. This letter of award if for the construction of 42 kilometre (km), 2x3 lane dual carriageway project between Doraigh and Noubat Dokaim from Ministry of Public Works & Highways, Republic of Yemen. This project is funded by Saudi Development Fund (SDF).

This is a repeat order from Yemen as the earlier one was for offsites and utilities of the prestigious Yemen LNG project. Post this Rs.1270 crore order, the group’s order backlog is at Rs.23376 crore, which is unexecuted orders as at 31^st Dec 2013 plus new orders received from 1^st Jan’14.