Punj Lloyd acquires majority stake in Technodyne

Punj Lloyd Ltd has informed the Punj Lloyd Group has acquired a strategic 74% stake in Technodyne International Ltd, Eastleigh, UK.

Punj LLoyd bags major contract in Singapore

Punj Lloyd Ltd has informed that Sembawang Engineers and Constructors Pte Ltd, a wholly owned subsidiary of the Company has won a major contract worth Rs 1272 crore for architectural, civil and structural work at the proposed Bayfront MRT station in Marina Bay in Singapore. The contract has been awarded by Land Transport Authority of Singapore.

In this regard the Company has issued the following Press Release:

"Punj Lloyd's wholly owned subsidiary, Sembawang Engineers and Constructors (Sembawang E&C), one of the largest engineering and construction Companies in Southeast Asia, has won a major contract worth SGD 463 million for architectural, civil and structural work at the proposed Bayfront MRT station in Marina Bay in Singapore.

The contract was awarded by the Land Transport Authority of Singapore. It is one of the first packages of construction works to be awarded at the planned 4.3 km downtown MRT Line in Marina Bay.

The Downtown Line 1 will have six stations. It is a critical transportation hub designed to serve workers, residents and visitors in the Marina Bay area, which will feature new icons such as the Marina Bay Sands Integrated Resort, the Marina Bay Financial Centre and Gardens by the Bay. This line will connect the existing East West line Bugle station to the existing North East line Chinatown station.

Under the terms of contract, Sembawang E&C will be constructing the Bayfront station which is key to the Downtown Line as it serves the mega Marina Bay Sands Integrated Resort Sembawang E&C will be responsible for the underground construction of Bayfront station and two pairs of tunnels for Downtown Line Stage 1. This includes architectural, civil and structural works.

The Downtown Line is in the heart of Marina Bay and the Bayfront station is a key factor contributing to the success of the development in the Marina Bay area. Bayfront will be one of the first stations to open in the Downtown Line Being a fast-paced project, the schedule will require 24-hour work days for the station to be completed in time for the opening of Marina Sands IR. With extensive experience in infrastructure projects and having built a third of all MRT and LRT stations in Singapore, Sembawang E & C is confident of completing the project on schedule.

With this, the order backlog for the Punj Lloyd group on consolidated basis has gone up to Rs 17894 crore. This is the total value of unexecuted orders as of September 30, 2007 and new orders received till date."

Punj Lloyd FCCB

Punj Lloyd Ltd has informed that the Committee of Directors in its meeting held on November 16, 2007, has allotted 6,247,660 equity shares upon conversion of Zero Coupon Foreign Currency Convertible Bonds aggregating to US $ 38,400,000.

Punj LLoyd bags oders on Jurong Island

Punj Lloyd Ltd has informed hat that Sembawang Engineers and Constructors Pte Ltd, a wholly owned subsidiary of the Company has been awarded a major turnkey contract worth Rs 1770 crore for engineering, procurement and construction work at the new mega aromatics plant on Jurong Island, Singapore by Jurong Aromatics Corporation Pte Ltd.

In this regard the Company has issued the following press release:

"Punj Lloyd's wholly owned subsidiary, Sembaweng Engineers and Constructors (Simbawang E&C), one of the largest engineering and construction comanies in Southeast Asia, been awarded a major turnkey contract worth US$ 450 million for enginee procuremint and construction work at the new mega aromatics plant on Jurong Island.

The contract was awarded by Jurong Aromatics Corporation Pte Ltd (JAC) which had recently announced plans to develop the world-scale US$ 2 billion JAG Complex that will produce energy and aromatic products to regional end-users as well as to global downstream producers and traders in the textile md plastics industries.

Under the terms of the contract, Sembawang E&C will be responsible for the engineering, procurement and construction of all the ancillary facilities, including the intermediary and finished product tenkage, receiving and exporting jetties, power and steam co-generation plant, waste water treatment unit as well as other utilities and infrastructure which are necessary to provide support to the main conversion units.

Work on the JAG Complex will start in 2008 and is slated for completion in 2011. Upon completion, the JAG acuity will have a capacity of around 1.5 million tonnes of aromatics, comprising 800,000 tonnes of para-xylene, 200,000 tonnes of ortho-xylene, and 450,000 tonnes of benzane, as well as about 2.5 million tonnes of petroleum products.

Mr. Alwyn Bowden, President and CEO, Sembawang E&C said, "We are delighted by this award and to be involved in the engineering and construction of this aromatics facility which will be one of the largest privately-owned petrochemical projects in Singapore and the region. Being selected for this project by an international consortium like JAC is testament to our expertise and capabilities in delivering world-class EPC work on sophisticated industrial plants and infrastructure projects."

With this, the order backlog for the Punj Lloyd group on consolidated basis ha gone up to Rs 18,622 crore. This is the total value of unexecuted orders as of September 30, 2007 end new order, received till date.

Punj Lloyd Q2FY07 Results

Punj Lloyd Ltd has announced the following Unaudited results for the quarter ended September 30, 2007:

The Company has posted a net profit of Rs 313.70 million for the quarter ended September 30, 2007 as compared to Rs 7.80 million for the quarter ended September 30, 2006. Total Income has increased from Rs 4096.00 million for the quarter ended September 30, 2006 to Rs 10546.20 million for the quarter ended September 30, 2007.

The Consolidated results are as follows:

The Group has posted a profit after minority interest and share of profits of associates of Rs 894.70 million for the quarter ended September 30, 2007 as compared to Rs 333.90 million for the quarter ended September 30, 2006. Total Income has increased from Rs 11970.80 million for the quarter ended September 30, 2006 to Rs 19247.10 million for the quarter ended September 30, 2007.

Punj Lloyd secures order from Qatar Petroleum

Punj Lloyd Ltd has announced that it has secured a contract to construct the Multi-product pipeline from Qatar Petroleum on an EPC basis. The value of the contract is Rs 389 crores.

In this regard the Company has issued the following Press Release:

"Punj Lloyd Ltd has secured a contract to construct the Multi-Product pipeline from Qatar Petroleum on an EPC basis. The total value of contract is Qatar Riyal (QR) 360 million.

The scope of work involves Engineering, Procurement & Construction on LSTK basis of 46 km of 18" multi-product pipeline from Messaieed refinery to Doha Depot for Qatar Petroleum. The project is likely to be completed in 17 (seventeen) months.

The contract also involves the station work at Messaieed refinery and Doha depot including demolition.

This EPC order is another feather in the cap Punj Lloyd, for which Qatar is a major focus, this being the fourth project to be executed in the country. These include the prestigious Doha Urban Pipeline Relocation, Ras Laffan Messaieed Ethylene & Butane pipeline and fuel systems for the New Doha International Airport, a testimony to Punj Lloyd's capability of laying onshore pipelines an infrastructure projects.

With this, the order backlog for the Punj Lloyd group on consolidated basis has gone up to Rs 16,872.46 crore. This is the total value of unexecuted orders as of June 30, 2007 and new orders received till date."

Punj Lloyd Limited

Punj Lloyd Limited had informed the Exchange regarding a press release dated August 02, 2007, regarding the signing of MoU for investment by the Company in Pipavav Shipyard Limited (PSL). The Company has now informed the Exchange that: "It has now entered into a Subscription and Shareholders Agreement with PSL for acquisition of 12,93,61,538 equity shares of Rs.10/- at a price of Rs.27/- per equity share aggregating to Rs.349.28 crores, which constitutes 28.84% of the present paid up share capital of PSL and which shall constitute 25.56% of the fully diluted paid up share capital of PSL upon issuance of equity shares by PSL to 2i Capital PCC and Industrial Development Bank of India (IDBI) against in-principle equity commitments made to them".

Punj Lloyd

HDFC Mutual Fund has been Buying Punj Lloyd

Various subdivisions of the mutual fund have taken 0.2 to 0.6% stakes

Citigroup - Punj Lloyd

Citigroup has a BUY on Punj Lloyd.

They are very positive on the prospects of Punj Lloyd and are raising the target price from Rs 303 to Rs 353 which represents a upside of 26% from the current levels.

They feel Punj Lloyd can be the next L&T