IL&FS Engg hits roof after new order win

IL&FS Engineering and Construction Company was locked in 5% upper circuit at Rs 53.65 at 11:45 IST on BSE after the company won a contract valued at Rs 215.79 crore for laying pipeline from GAIL (India).

The announcement was made after market hours on Friday, 8 December 2017.

Meanwhile, the S&P BSE Sensex was up 115.05 points or 0.35% at 33,365.35. The S&P BSE Small-Cap index was up 84.29 points or 0.46% at 18,296.17.

On the BSE, 49,000 shares were traded on the counter so far as against the average daily volumes of 67,334 shares in the past one quarter. The stock opened with an upward gap, surging by the maximum 5% daily circuit and remained locked at the 5% level at Rs 53.65 so far in the day. The stock had hit a 52-week high of Rs 65.95 on 21 February 2017 and a 52-week low of Rs 31 on 29 September 2017.

The stock had outperformed the market over the past one month till 8 December 2017, gaining 6.46% compared with the Sensex's 0.09% rise. The stock had also outperformed the market over the past one quarter, surging 35.19% as against the Sensex's 4.93% rise. The scrip, however, underperformed the market over the past one year, advancing 13.81% as against the Sensex's 24.56% rise.

The small-cap company has equity capital of Rs 131.12 crore. Face value per share is Rs 10.

IL&FS Engineering and Construction Company said that the company has received Fax of Acceptance (FOA) from GAIL (India) for 157.8 km long 30' diameter pipeline laying works for Dobhi-Durgapur-Haldia Pipeline Section (Part B) along with 13.28 km long 12' diameter spurline under Jagdishpur Haldia/Bokaro-Dhamra Natural Gas pipeline (JHBDPL) project in Jharkhand/West Bengal states. The total value of the contract is Rs 215.79 crores (excluding GST) and is to be mechanically completed in 15 months from date of FOA and additional 2 month for pre-commissioning and commissioning.

IL&FS Engineering and Construction Company reported net profit of Rs 40.14 crore in Q2 September 2017 compared with net loss of Rs 81.59 crore in Q2 September 2016. Net sales fell 4.49% to Rs 340.84 crore in Q2 September 2017 over Q2 September 2016.

IL&FS Engineering and Construction Company is engaged in construction and infrastructure development.

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