Punj Lloyd surges 8% on completion of gas pipeline project in Malaysia

General Electric employee Jim Jones assembles a GE90 engine at the GE Aviation Peebles Test Operations Facility in Peebles, Ohio, November 15, 2013. U.S. conglomerate General Electric Co posted a slightly better-than-expected rise in revenue on Friday propelled by its businesses selling oil pumps and jet engines, and said its order backlog again swelled to a record. Picture taken November 15, 2013. REUTERS/Matt Sullivan (UNITED STATES - Tags: SCIENCE TECHNOLOGY TRANSPORT BUSINESS) - RTX17I8M

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Shares of Punj Lloyd surged more than 8 percent intraday Friday as the company achieved financial closure of largest gas pipeline project in Malaysia.

The project worth USD 822 million, was awarded by Petronas for the construction of 512 km, 36 inch dia pipeline for transporting gas from Sabah oil and gas terminal to the Petronas LNG complex at Bintulu, Sarawak.

Atul Jain, director of Punj Lloyd said, "Our relationship with Petronas has been built on trust and delivery and we are committed to complete their ongoing project - RAPID Tank Farm to their satisfaction. This is the largest EPC pipeline project that Punj Lloyd has executed till date."

The company's board meeting scheduled to be held on August 12 to consider and approve the standalone unaudited financial results of the company for the quarter ended June 30, 2017 has been preponed and rescheduled to be held on August 10, 2017.

At 12:28 hrs Punj Lloyd was quoting at Rs 21.50, up Rs 0.70, or 3.37 percent on the BSE.

Posted by Rakesh Patil