Engineers India slips on rejection of PDIL bid

Engineers India fell 2.81% to Rs 109.05 after the company said that its bid to acquire Projects and Development India was not accepted.

In September last year, Engineers India (EIL) announced that its board approved acquisition of Projects and Development India (PDIL) from the government. The board also approved bidding for the same via share acquisition route. Accordingly, EIL submitted its bid to acquire PDIL on 13 September 2018.

PDIL is a Mini Ratna, Category-I, Government of India Undertaking under Department of Fertilizers. PDIL is an ISO 9001:2015 Certified premier consultancy and engineering organization providing design, engineering and related project execution services from concept to commissioning of various projects.

EIL provides design, engineering, procurement, construction, and integrated project management services primarily for oil and gas and petrochemical industries. The Government of India owned 52% stake in EIL (as on 30 June 2019).

Meanwhile, the S&P BSE Sensex was down 310 points or 0.81% to 37,797.24.

On the BSE, 54,826 shares were traded in the counter so far compared with average daily volumes of 2.41 lakh shares in the past two weeks. The stock hit a high of Rs 113.4 and a low of Rs 107.9 so far during the day.

The stock hit a 52-week high of Rs 129.9 on 26 Dec 2018. The stock hit a 52-week low of Rs 92.7 on 06 Aug 2019.

On a consolidated basis, Engineers India's net profit rose 40.51% to Rs 125.73 crore on a 27.43% increase in the net sales to Rs 742.66 crore in Q1 June 2019 over Q1 June 2018.

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