[T.S.R:14718] Punj Lloyd

 

Company Update (June 25, 2010)

Company Update Punj Lloyd Reco: HOLD CMP: Rs129 Target Price: Rs132 'Unknown' to 'Known' · Punj Lloyd is traversing from the 'Unknown' to the 'Known' – as 92% of orders under analysis have relevant prior experience · Breakdown of Rs299 bn worth project orders reveal only few orders that lack prior experience on geography as well as scope of work · Libya is the main 'Game Changer', cushioned by past experience. Executed Rs13.5 bn gas pipeline project for Sirte Oil Company in Aug '06 · Any upgrade in earnings estimates and ratings will follow profitable execution of order backlog. We maintain 'HOLD' with price target of Rs132/Share Click here to read report: Company Update

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