PSL receives contract from IOCL

PSL Ltd has announced that the Company has now been awarded with a prestigious contract valuing approx. Rs 165 Crores from Indian Oil Corporation Ltd (IOCL) for their Dadri - Panipat Gas Pipeline Project which is the first trunk gas pipeline of IOCL. The said contract is for supply of 30 Inch Outer Diameter API 5LX70 grade pipes with Anti-Corrosion Coating for a total length of 134 km.

This Order will be executed by the Company at its State of the Art Two Step Pipe Mill at Kandla in Gujarat, which has been set up to cater to high pressure oil & gas requirement both in the domestic as well as international market.

With this Order, which is likely to be completed by March 2008, the Company won its Seventh successful victory in domestic Oil Industry Pipeline Tender. The Company has thus successfully demonstrated its competitive ability by securing these Orders since the said seven orders exceed the aggregate value of Rs 1570 Crores pushing the Order Book Value to over Rs 2,300 Crores.

The stock was trading at Rs.334, up by Rs.8.35 or 2.56%. The stock hit an intraday high of Rs.360 and low of Rs.314.75. The total traded quantity was 264469 compared to 2 week average of 14517.

Source : Equity Bulls

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