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IL&FS Engg drops after recent rally

Capital Market 

IL&FS Engineering and Construction Company fell 1.49% at Rs 53 at 9:44 on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P Sensex was down 154.97 points or 0.47% at 32,714.75. The S&P Small-Cap index fell 0.9%, underperforming the Sensex.

On the BSE, 5.31 lakh shares were traded on the counter so far as against the average daily volumes of 23,000 shares in the past two weeks. The stock had hit a high of Rs 56.45 and a low of Rs 52.75 so far during the day. The stock had hit a 52-week high of Rs 65.95 on 21 February 2017 and a 52-week low of Rs 31 on 29 September 2017.

The stock had outperformed the market over the past one month till 4 December 2017, sliding 0.37% compared with the Sensex's 2.42% fall. The stock had also outperformed the market over the past one quarter, gaining 38.66% as against the Sensex's 3.68% rise. The scrip had also outperformed the market over the past one year, advancing 25.85% as against the Sensex's 25.31% rise.

The small-cap company has equity capital of Rs 131.12 crore. Face value per share is Rs 10.

Shares of IL&FS Engineering and Construction Company (IL&FS Engineering) had rallied 21.3% in the preceding four trading sessions to settle at Rs 53.80 yesterday, 4 December 2017, from its closing of Rs 44.35 on 28 November 2017. Much of this rally materialized after the company said during market hours on Friday, 1 December 2017 that it had received an order worth Rs 581.96 crore.

IL&FS Engineering had received a letter of acceptance (LoA) for a road contract from IL&FS Transportation Networks. The total value of the contract is Rs 581.96 crore and completion period is 21 months. The scope of IL&FS Engineering Services under this contract involves four laning a stretch of Amravati - Chikhli section of National Highway-6 in Maharashtra on item rate basis.

IL&FS Engineering and Construction Company reported net profit of Rs 40.14 crore in Q2 September 2017 compared with net loss of Rs 81.59 crore in Q2 September 2016. Net sales fell 4.5% to Rs 340.84 crore in Q2 September 2017 over Q2 September 2016.

IL&FS Engineering and Construction Company is engaged in construction and infrastructure development.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 05 2017. 09:47 IST
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