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Markets make recovery attempts but still in red; Punj Lloyd at 287.10

August 27th, 2008

Wednesday, August 27, 2008 1:48:52 PM IST

Attempts by market to recover were subdued in the last hour of trade. The Nifty is now at 4336.7 down 0.02%. IT stocks made a little recovery. BSE Sensex is at 14449.42 down 32.8 points. Punj Lloyd is trading at 287.10

CNX IT is up 0.46% while Bank Nifty is down 0.35%

Top Nifty gainers include Dr. Reddy, GAIL (both up over 3%), SAIL (up over 2%), Sun Pharma, Tata Steel, Hero Honda, Punjab National Bank, Hindalco, Power Grid and Infosys Technologies (all up over 1%)

On the losing side of Nifty are DLF, Tata Power, ICICI Bank, BHEL (all down over 1%), TCS, Reliance Infra, National Aluminium, HDFC Bank, Reliance Communications and Reliance (all marginally down)

Realty, Bankex, Power, FMCG and Oil & Gas remain to be the losing secotral indices on the BSE. IT, Consumer Durables, Health care are up.

Punj Lloyd in a tie up with an Italian company Saipem is planning to bid for the Singapore’s Liquefied Natural Gas (LNG) terminal. The project needs to be commissioned by 2011 and is worth $1 billion.

Punj Lloyd plans to execute the project through its Singapore subsidary. Punj Lloyd will be competing with three other global players for this project. The Engineering procurement and construction company has reasonably good experience in LNG projects. With a good order book in hand, the company is poised to be a leading player in various segments it is tragetting by 2011-12.

Punj Lloyd is trading at 287.10. Its 52-week high price is 656.00 while its 52-week low price is 183.25

1 U.S. dollar = 43.5312554 Indian rupees
1 U.S. dollar = 108.968072 Japanese yen
1 U.S. dollar = 0.680920605 Euros
1 Ounce Gold = $829.80
1 Barrel Crude Oil = $116.97

Entry Filed under: Equity Markets, Infrastructure