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Delhi-based Punj Llyod Ltd was listed on the Bombay Stock Exchange and the National Stock Exchange on Friday at a premium of more than 50 per cent.
The very first day saw the scrip go up by Rs 357.25 on the NSE, giving the investors a return of 51.04 per cent and the turnover was phenomenal on both the BSE and NSE, totalling Rs 1,470.03 crore (Rs 14.70 billion).
The company's scrip opened at Rs 989 on the BSE against the fixed price of Rs 700 for every Rs 10 share and went up to Rs 1,079 per share during the morning trade. Finally it closed at Rs 1,058.50 with 4.64 million shares worth Rs 485.70 crore (Rs 4.857 billion) being traded.
On the NSE, Punj Llyod debuted at Rs 956.30 and went up to Rs 1,078 in early trade. Finally it closed at Rs 1,057.25 with 9.42 million shares traded worth Rs 984 crore (Rs 9.84 billion).
Speaking about the company, Atul Punj, chairman and managing director of Punj Lloyd, said, "The company has an order backlog of Rs 4,500 crore (Rs 45 billion) and an order book of Rs 7,500 crore (Rs 75 billion). It will invest Rs 150 crore (Rs 1.50 billion) in capacity expansion as it is planning to venture in to businesses of road construction and hydro-electricity in a major way."
"It has also bagged new orders from Bechtel, another in Abu Dhabi, and also one from National Highway Authority of India. While oil & Gas business brings more revenue for the company up to 70 per cent of its total business, it is the civil construction work that provides greater visibility to the company," Punj said.
The company has decided to go for orders not below Rs 250 crore (Rs 2.50 billion) in the future. Among the present works, the diversified company's engineering business was also moving up rapidly.
Speaking about third quarter performance, Punj said, "It was pretty much on track but it is 2007 and beyond that will bring real joy to the company." The company is currently executing Dahej gas pipeline for the State-owned Gas Authority of India Ltd.