Nirmal Bang, one of the leading equity research-cum-broking house, is of the view that investors can buy Punj Lloyd stock with a target price of Rs 154.

The company is presently trading around Rs 128 level.

According to experts at Nirmal Bang, the stock may face some resistance around Rs 135 levels, but after that it can even have more upward movement.

The scrip has very strong support at Rs 114.

Shares of the company, on Monday (May 04), closed at Rs 127.40 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 384.50 and a low of Rs 66.65 on BSE. Current EPS and P/E of the stock stood at 12.89 & 10.04 respectively.

Punj Lloyd Ltd declared that the company will be publishing the Audited Financial Results for the financial year ended on March 31, 2009 within a period of 3 months from the end of the year and, therefore, the un-audited financial results for the last quarter ended on March 31, 2009 will not be published.

To slash costs amid global economic slump, Punj Lloyd is shifting its staff from its UK-based arm to India, mainly to its Delhi and Hyderabad centers.

Pinning hopes on infrastructure growths in the area (Asia), the company is planning to appoint more than 2,000 persons in the fiscal with special focus on its centers in Asian countries, including India, Singapore and Abu Dhabi.