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Punj Lloyd bags Rs 542 cr order from NHAI, stock closes higher

Punj Lloyd bags Rs 542 cr order from NHAI, stock closes higher

The scope of work for the project includes four laning from 360.92 km to 402 km of the Gorakhpur-Gopalganj section of NH-28 in Bihar.

Punj Lloyd shares rose 1.7 per cent to Rs 26.60 after the announcement made by the company that it has secured a 41 km long, Rs 541.84 crore, road project from the National Highways Authority of India (NHAI) in Bihar.

The scope of work for the project includes four laning from 360.92 km to 402 km of the Gorakhpur-Gopalganj section of NH-28 in Bihar.

The highway aims at reducing the travel time between Gorakhpur-Gopalganj and Gorakhpur-Patna by reducing congestion and improving geometric deficiencies at various intersections. It will also improve the connectivity of Valmiki Wildlife Sanctuary with Patna hence promoting tourism.

The project is scheduled to be completed in 24 months from the date of award. Punj Lloyd has executed over 16 highways projects for NHAI till date.

The group order backlog stands at Rs 21,694 crore. The order backlog is the value of unexecuted order as on March 31 ,2015 plus new orders received after that date.

Of late, the company announced its Q4 result on May 22. For the quarter ended March 2015, it posted net profit of Rs 268.53 crore against Rs 5 lakh in the corresponding quarter a year ago.

In the past four trading sessions, the share price of the company has jumped around 16 per cent.