Punj Lloyd up over 4.5%

Punj Lloyd is doing well today morning, up 4.7% at Rs.23.75, with an intra day high at Rs.24.35. The stock had hit a new low at Rs.22.15. The company’s market cap stands at Rs.788 crore.

The stock is doing well on the back of good numbers for Q1FY14. The company posted a consolidated net profit of Rs 40 crore compared to the loss of Rs.13 crore. This turnaround was possible due to the Rs.48 crore coming in through its minority interest or profits added by the other firms where the company has a minority interest. But for this, the company would have remained in the red, with a net loss coming in at Rs.8 crore. Its net sales for the quarter rose 11% at Rs.3000 crore. The company has stated that it has a strong order backlog of Rs.20,868 crore and 65% of this order is from Middle East, Africa, and Asia Pacific.