Punj Lloyd, one of India's leading engineering companies, has informed that its wholly-owned Singapore subsidiary, Punj Lloyd Pte. Ltd. has been awarded a contract worth S$54 million (Rs 167 crore) by FWP.

As per the order, Punj Lloyd will carry out select utilities mechanical works on Jurong Island, Singapore.

FWP is a joint venture between Foster Wheeler Asia Pacific and Worley Parsons.

Rajish Dhall, technical analyst at Observe Securities has advised the investors to remain invested in the counter.

The overall outlook is very good as the company has diversified into various projects in the global market. From a long-term perspective, it is a good hold, Rajish stated.