Engineers India extends gains after declaring strong Q1 results

Engineers India gained 5.26% to Rs 264.20 at 12:24 IST on BSE, with the stock extending yesterday's gains triggered by declaring strong Q1 result.

Meanwhile, the S&P BSE Sensex was up 65.58 points or 0.24% at 28,127.43

On BSE, so far 7.64 lakh shares were traded in the counter as against average daily volume of 1.23 lakhs shares in the past one quarter. The stock hit a high of Rs 266.50 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 252.10 so far during the day. The stock had hit a 52-week low of Rs 143.25 on 17 February 2016. The stock had outperformed the market over the past 30 days till 24 August 2016, rising 12.1% compared with Sensex's 0.3% rise. The scrip had also outperformed the market in past one quarter, gaining 37.72% as against Sensex's 6.42% rise.

The mid-cap company has equity capital of Rs 168.47 crore. Face value per share is Rs 5.

Engineers India's net profit rose 50.07% to Rs 80.30 crore on 11.74% drop in total income to Rs 396.40 crore in Q1 June 2016 over Q1 June 2015. The stock rose 8.33% to settle at Rs 251 yesterday, 24 August 2016. The result was announced after market hours on 23 August 2016.

State-run Engineers India provides engineering consultancy and EPC services, mainly to the oil and gas and petrochemical industries. The company has also diversified into sectors like infrastructure, water and waste management, solar and nuclear power and fertilizers to leverage its strong technical competencies and track record. The government of India holds 59.37% in Engineers India (as per shareholding pattern as on 30 June 2016).

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