This stock jumped over 15% in Tuesday's trade; here is why
Shares of Punj Lloyd surged over 15 per cent today after the company won a Rs 505.22 crore highway contract in Odisha from NHAI. After making a strong opening, the stock rallied as much as 15.36 per cent to Rs 18.40 on BSE. On NSE, it soared 10.90 per cent to Rs 17.80. On a year-to-date basis, the stock is down over 28 per cent. By Comparison, the Sensex shed over 2 per cent.
Engineering and construction firm, Punj Lloyd on Monday said that it has won a Rs 505.22 crore highway contract in Odisha from NHAI. The project has been won from the National Highways Authority of India (NHAI) on engineering, procurement and construction basis, it said.
Punj Lloyd provides integrated design, engineering, procurement, construction and project management services in the energy and infrastructure sectors. With operations spread across the Middle East, Africa, the Caspian, Asia Pacific and South Asia, Punj Lloyd provides EPC services in Oil & Gas, Process, Civil Infrastructure and Thermal Power.
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Meanwhile, the benchmark Sensex and Nifty rose higher after a surprise cut in the government’s borrowing programme for the next fiscal year boosted sentiment, with lenders such as the State Bank of India among top gainers. Positive sentiment in Asian markets after reports of talks between the United States and China to renegotiate tariffs and trade imbalances eased trade war concerns, also boosted sentiment.
At 14:50 pm, the Sensex was trading at 33,178, up 111.80 points, while the broader Nifty50 was ruling at 10,169, up 38.65 points.