Punj Llyod Bags Order Worth Rs 3515 Crore

Punj Llyod, an engineering and construction group of India announced that it has won new tankage order from Malaysia's national energy company, Petronas. In the statement, the company has announced bagging of Rs 3515 crore (USD 581 million) RAPID tank farm order. The tank farm is a part of Petronas refinery and petrochemical integrated development within 6242 acre site in Pengerang Malaysia.

The company's scope of work in the RAPID Tank farm project includes project management design, engineering, interface with other contractors and third parties procurement, construction, inspection and testing, pre-commissioning and commissioning. With the current order in hand, the company's order backlog reaches to Rs 24679 crore.

“Punj Llyod is previleged to be part of PIC's critical milestone requirements. Our expertise in tankage is recognised globally with our greatest advantage being our in-house engineering skill and extensive project experience of large scale tank projects, “said JP Chalsani, MD and Group CEO of Punj Llyod in the disclosure.

The shares of the company soared up after the announcement. The scrip is trading at Rs 44, the shares of the company has surged by 10% to upper circuit limit. The shares of the company may show some price momentum for short term perspective but we advise our investors to stay away from the counter.