Feb 27, 2009

Petron Engineering surges on new order win

26 Feb 2009 | 11:40 Petron Engineering surges on new order win

The company announced the new order win during trading hours today, 26 February 2009.

Meanwhile, the BSE Sensex was down 65.17 points, or 0.73%, to 8,837.39.

On BSE, 45 shares were traded in the counter. The stock had an average daily volume of 1,308 shares in the past one quarter.

The stock hit a high of Rs 69.40 and a low of Rs 69 so far during the day. The stock hit a 52-week high of Rs 307.85 on 28 February 2008 and a 52-week low of Rs 62.25 on 16 January 2009.

The small-cap stock had underperformed the market over the past one month till 25 February 2009, falling 2.12% as compared to the Sensex's rise of 2.63%. It had also underperformed the market in the past one quarter, declining 25.80% as compared to the Sensex's 2.38% rise.

The company's current equity is Rs 7.54 crore. Face value per share is Rs 10.

The current price of Rs 69.40 discounts the company's Q3 December 2008 annualized EPS of Rs 6.30, by a PE multiple of 11.02.

The company has secured two orders aggregating to Rs 72.55 crore from HPCL-Mittal Energy (HMEL) for setting up diesel hydro-treating (DHDT) heater package and NHT CRR heater package for its Guru Gobind Singh refinery project at Bathinda in Punjab.

The company had on 27 January 2009 secured an order worth Rs 9.78 crore from Vedanta Aluminium for 57 cranes & hoists for its expansion aluminium smelter plant at Jharsuguda, Orissa.

Petron Engineering Construction's net profit rose 8.2% to Rs 1.19 crore on 83.8% increase in net sales to Rs 119.14 crore in Q3 December 2008 over Q3 December 2007.

Petron Engineering Construction offers total solutions in engineering construction, with feasibility study, estimation, procurement and managerial and administrative support for project construction. The company provides services in mechanical, erection, piping, electrical, instrumentation, painting, refractory & insulation work for refineries and other industrial plants.