Engineers India turns volatile after clarification on a project

Engineers India rose 0.28% to Rs 305 at 15:16 IST on BSE after the company clarified that it has signed an agreement with Dangote Group for a project valued at $139 million.

The clarification was issued during market hours today, 19 June 2014.

Meanwhile, the S&P BSE Sensex was down 44.96 points or 0.18% at 25,201.29.

On BSE, so far 2.06 lakh shares were traded in the counter as against average daily volume of 1.78 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 5.86% at the day's high of Rs 322 so far during the day. The stock lost as much as 0.37% at the day's low of Rs 303.10 so far during the day. The stock hit a 52-week high of Rs 329 on 9 June 2014. The stock hit a 52-week low of Rs 121.15 on 20 August 2013.

The stock had outperformed the market over the past one month till 18 June 2014, surging 16.58% compared with the Sensex's 4.66% rise. The scrip had also outperformed the market in past one quarter, jumping 60.84% as against Sensex's 15.64% rise.

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

Engineers India in a clarification with regard to news item titled "EIL wins Nigeria oil refinery contract said that it has approached Dangote Group to offer its services for their forthcoming project. Discussions in this regard were concluded and the agreement was initiated on 21 November 2013, for a lumpsum value of $139 million. Subsequently the agreement has been formally signed on 2 June 2014, Engineers India said.

Engineers India's net profit fell 42.7% to Rs 103.55 crore on 3.6% decline in net sales to Rs 494.83 crore in Q4 March 2014 over Q4 March 2013.

Engineers India (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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