Engineers India advanced 3.78% to Rs 83.70 after the company announced that it has secured an assignment for providing owner's engineer services for 30,000 MTPA Polysilicon and 500 MTPA Monosilane Project.
The company has bagged the contract from Mundra Solar Technology, a group company of Adani Enterprises (AdaniEnt). The aforementioned order falls in one of the niche sectors of Polysilicon production, which is the primary component for manufacturing Photovoltaic panels.
"Conventionally, India has been dependent on import of Polysilicon and this would be a step towards realizing the vision of Atmanirbhar Bharat, the company said in a statement.
Engineers India (EIL) is an engineering consultancy and technology licensing company in the fields of hydrocarbons, petrochemicals, fertilizers, metallurgy, ports & terminals, and other sectors of industry, having a DSIR-recognized R&D center. As of 30 September 2022, the Government of India held a 51.32% stake in the company.
The company reported a consolidated net profit of Rs 75.16 crore in Q2 FY23, steeply higher than Rs 17.04 crore posted in Q2 FY22. Net sales jumped 20.7% year on year to Rs 793.06 crore in quarter ended 30 September 2022.
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