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Punj Lloyd stock goes up 5% on insolvency settlement

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Shares of Punj Lloyd added over 5 per cent on reports that ICICI Bank settled the insolvency case involving the company.

A report by the TheIndianSubcontinent on June 15 said ICICI Bank approached the dedicated bankruptcy resolution court to recover Rs 830 crore of outstanding loans to Punj Lloyd, a New Delhi-based engineering and project construction firm.

The scrip was 5.33 per cent up at Rs 14.23 at around 11.50 am.

The BSE Sensex looked all pumped up, which surged 386 points to 38,638 at around the same time.

The company recently reported widening of its net loss to Rs 215.64 crore for the quarter to June. Punj Lloyd suffered a loss of Rs 194.32 crore in the same quarter of 2017-18. Net sales during the quarter rose to Rs 1,029.28 crore, from Rs 977.34 crore in the year-ago period. Total expenses too went up to Rs 1,339.08 crore, from Rs 1,286.22 crore earlier. The Punj Lloyd group is a diversified international conglomerate offering EPC services in energy and infrastructure, along with engineering and manufacturing capabilities in the defence sector.




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