IL&FS Engg gains after new order

IL&FS Engineering and Construction Company rose 2.91% to Rs 33.60 at 11:21 IST on BSE after the firm said it has received a letter of award for a joint venture contract worth Rs 144.65 crore.

The announcement was made at the fag end of trading hours on Friday, 20 December 2013. The stock had risen 1.24% to settle at Rs 32.65 on Friday, 20 December 2013.

Meanwhile, the S&P BSE Sensex was up 100.30 points or 0.48% at 21,180.02.

On BSE, so far 13,000 shares were traded in the counter as against average daily volume of 5,681 shares in the past one quarter.

The stock hit a high of Rs 34.70 and a low of Rs 32.80 so far during the day. The stock had hit a 52-week high of Rs 67.95 on 28 January 2013. The stock had hit a 52-week low of Rs 19.40 on 2 August 2013.

The stock had underperformed the market over the past one month till 20 December 2013, declining 8.16% compared with the Sensex's 2.15% rise. The scrip had, however, outperformed the market in past one quarter, jumping 7.22% as against Sensex's 4.03% rise.

The small-cap company has equity capital of Rs 89.79 crore. Face value per share is Rs 10.

IL&FS Engineering and Construction Company at the fag end of trading hours on Friday, 20 December 2013 said that the company in joint venture (JV) with GPT Infraprojects has received a Letter of Award (LoA) from Dedicated Freight Corridor Corporation of India (DFCCIL) for the work of design and construction of rail flyover near Ganjkhwaja in Uttar Pradesh and formation in embankments/cuttings including blanketing, bridges (major, minor & RUBs), supply and spreading of ballast and other related infrastructural works for double track electrified railway line in different stretches between Dehri-on-Sone & Mughalsarai section of Eastern Dedicated Freight Corridor in Bihar and Uttar Pradesh on Design Build Lump Sum basis.

The total value of this project is Rs 144.65 crore, which is to be completed in 30 months, the statement said.

IL&FS Engineering and Construction Company reported a net loss of Rs 53.45 crore in the quarter ended 30 September 2013, higher than net loss of Rs 16.12 crore in the quarter ended 30 September 2012. Net sales rose 71.9% to Rs 453.31 crore in the quarter ended 30 September 2013 over the quarter ended 30 September 2012.

IL&FS Engineering and Construction Company is an infrastructure development, construction and project management company in India.

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