Punj Lloyd gains nearly 8% as arm sells stake in UK-based firm


New Delhi: Punj Lloyd's scrip on Thursday surged as its arm Pt Engineering Limited sold its entire stake in UK-based Simon Carves Engineering to Engineers and Constructors International Inc for $2 million (over Rs 13 crore).

After opening the day on a strong note, the scrip further jumped 7.61 per cent to Rs 21.20 on BSE. At NSE, shares of the company soared 6.83 per cent to Rs 21.10.

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"Pt Engineering Limited, subsidiary of the company has sold its entire shareholding in its wholly owned subsidiary registered in the United Kingdom viz Simon Carves Engineering Limited to Engineers and Constructors International, Inc," Punj Lloyd said in a filing to BSE yesterday.

The buyer Engineers and Constructors International, Inc is a design and engineering company belonging to the Mitsui Group. It is based out of Baton Rouge, Louisiana, US, the filing said.