 "IL&FS Engineering surges 9% on bagging Rs 123 cr orders from GAIL")
Shares of IL&FS Engineering & Construction Company rose over 9% after the company said it received two pipeline laying contracts worth Rs 123 crore from Gas Authority of India.
Reacting to the development, the stock rallied as much as 9% to Rs 57 on the BSE.
On the volume front, 58,000 shares exchanged hands on the counter compared with two-week average of 35,000 shares.
"IL&FS Engineering and Construction Company has received Fax of Acceptance (FOA) from Gas Authority Ltd for two pipeline laying contracts worth Rs 123.05 crore in Kerala/Karnataka," the company said in a BSE filing.
Both the orders are part of Kochi-Koottanad-Mangalore pipeline project.
IL&FS Engineering Services added that it is already executing a part of this Kochi-Koottanad-Mangalore pipeline project for GAIL worth Rs 173.13 crore in Kerala.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%