Engineers India gains on disinvestment buzz

Meanwhile, the BSE Sensex was 0.43 points at 19,667.02

On BSE, 17,643 shares were traded in the counter as against average daily volume of 19,538 shares in the past one quarter.

The stock hit a high of Rs 244.90 and a low of Rs 240 so far during the day. The stock had hit a 52-week high of Rs 288.50 on 7 February 2012. The stock had hit a 52-week low of Rs 206.25 on 30 August 2012.

The stock outperformed the market over the past one month till 9 January 2013, rising 4.37% compared with the Sensex's 1.25% rise. The scrip had, however, underperformed the market in past one quarter, falling 5.03% as against Sensex's 4.65% rise.

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

As per reports, the Government may consider offloading 10% stake in Engineers India in a meeting scheduled today, 10 January 2013. The stake sale is likely to be done through a follow on public offer (FPO). The Government owned 80.40% stake in Engineers India as at 30 September 2012.

The government had set itself a target of raising Rs 30000 crore in the year ending 31 March 2013 through the disinvestment process.

Engineers India's net profit rose 10% to Rs 161.25 crore on 19.3% fall in net sales to Rs 667.74 crore in Q2 September 2012 over Q2 September 2011.

Engineers India is a total solutions consultancy company and EPC (engineering, procurement, and construction) contractor in the fields of petroleum refining, petrochemicals, pipelines, oil & gas terminal & storages, mining & metallurgy and infrastructure projects. The company has diversified into newer areas such as nuclear, solar & thermal power, water & solid waste management, city gas distribution and fertilizers.

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