Engineers India gains on winning new order

Engineers India rose 1.94% to Rs 257.25 at 9:23 IST on BSE after the company said it secured a consultancy contract from Assam Petrochemicals.

The announcement was made after market hours on Monday, 22 September 2014.

Meanwhile, the BSE Sensex was up 34.73 points, or 0.13%, to 27,241.47.

On BSE, so far 36,000 shares were traded in the counter, compared with an average volume of 1.07 lakh shares in the past one quarter.

The stock hit a high of Rs 259.50 and a low of Rs 254.65 so far during the day. The stock hit a 52-week high of Rs 331 on 3 July 2014. The stock hit a 52-week low of Rs 142.10 on 4 February 2014.

The stock had outperformed the market over the past one month till 22 September 2014, rising 5.59% compared with 2.98% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 14.82% as against Sensex's 8.37% rise.

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

Engineers India (EIL) has secured a consultancy contract from Assam Petrochemicals for their proposed 500 tones per day (TPD) methanol plant and 200 TPD acetic acid plant at Namrup, Assam. EIL scope under the contract involves license, engineering, procurement and construction management services for methanol ISBL plant & integrated OSBL plant of 500 TPD for methanol & 200 TPD acetic acid plant, with a completion schedule of 36 months.

EIL net profit declined 37.84% to Rs 80.40 crore on 1.74% decline in net sales to Rs 435.49 crore in Q1 June 2014 over Q1 June 2013.

EIL is one of the leading design and engineering organizations in South Asia. EIL provides engineering consultancy and EPC services principally focused on the oil & gas and petrochemical industries. The company has also diversified into sectors like infrastructure, water and waste management, solar & nuclear power and fertilizers.

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