"Punj Lloyd" bagged an order worth $500 million

Punj Lloyd declined 8.40% to Rs 299.75 at 16:15 IST on BSE even as the company said its consortium has bagged an order worth $500 million from Petronas Carigali Sdn Bhd, Malaysia for Sabah Sarawak gas pipeline project.

The company made this announcement during trading hours today, 7 March 2008.

On BSE, 11.20 lakh shares were traded in the counter. The scrip had an average daily volume of 6.59 lakh shares in the past one quarter.

The stock hit a high of Rs 324 and a low of Rs 295 far during the day. The stock had a 52-week high of Rs 589.10 on 4 January 2008 and a 52-week low of Rs 142.31 on 7 March 2007.

The mid-cap scrip had underperformed the market over the past one month till 5 March 2008, declining 18.33% compared to the Sensex’s fall of 11.37%. It had also underperformed the market in the past one quarter, declining 36.13% compared to Sensex’s decline of 16.44%.

The company’s current equity is Rs 60.68 crore. Face value per share is Rs 2.

The current price of Rs 299.75 discounts Q3 December 2007 annualized EPS of Rs 5.20 by a PE multiple of 57.64.

Petronas Carigali Sdn Bhd is a subsidiary of Petronas, the state oil and gas major in Malaysia.

On 14 February 2008, Punj Lloyd’s wholly owned subsidiary Sembawang Engineers and Constructors secured an order worth Singapore $400 million to build part of the Marina Bay Sands resort in Singapore.

In December 2007, Punj Lloyd secured a contract for building delayed coker unit & coker LPG Merox Block for the residue upgradation project of Indian Oil Corporation at its Vadodara, Gujarat refinery.

Punj Lloyd’s net profit rose 105.7% to Rs 39.16 crore on 91.4% growth in net sales to Rs 1243.75 crore in Q3 December 2007 over Q3 December 2006.

The company provides engineering, designing, procurement, construction and project management services for energy industry and infrastructure sector projects.