Punj Lloyd shares surge 10 per cent to upper circuit limit

Shares of Punj Lloyd surged 10 per cent to touch its highest permissible trading limit for the day after the firm secured an order worth Rs 3,515 crore from PRPC Refinery and Cracker, a subsidiary under the PETRONAS group.

The infrastructure and engineering company's share price soared 9.88 per cent to Rs 40.60 - its upper circuit limit - and closed at that level.

In a filing to the Bombay Stock Exchange (BSE), Punj Lloyd on Monday said it has secured Rs 3,515 crore Rapid Tank Farm order from PRPC Refinery and Cracker, a subsidiary under the PETRONAS group, Malaysia's national energy company.

The Tank Farm is part of PETRONAS' refinery and petrochemical integrated development (RAPID) project in Pengerang, Malaysia, it said.

Commenting on the development, JP Chalasani, managing director and Group CEO of Punj Lloyd said, "Punj Lloyd is privileged 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."

With the latest order, Punj Lloyd group's order backlog reaches Rs 24,679 crore.

At the National Stock Exchange (NSE), the stock climbed 9.91 per cent and sustained the level to close at Rs 40.50.