IL&FS Engg spurts after JV wins new order

IL&FS Engineering and Construction Company surged 6.18% to Rs 48.95 at 11:43 IST on BSE after the company in joint venture with Unitech Power Transmission secured a turnkey transmission line project in Gujarat from Power Grid Corporation of India.

The announcement was made on Saturday, 20 August 2016.

Meanwhile, the S&P BSE Sensex was down 149.80 points or 0.53% at 27,927.20

On BSE, so far 52,000 shares were traded in the counter as against average daily volume of 21,381 shares in the past one quarter. The stock hit a high of Rs 54 and a low of Rs 48.05 so far during the day. The stock had hit a 52-week high of Rs 80.75 on 14 October 2015. The stock had hit a 52-week low of Rs 39.15 on 23 May 2016. The stock had underperformed the market over the past one month till 19 August 2016, falling 3.86% compared with 1.32% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 12.58% as against Sensex's 10.97% rise.

The small-cap company has equity capital of Rs 121.16 crore. Face value per share is Rs 10.

IL&FS Engineering and Construction Company announced that the company in joint venture with Unitech Power Transmission received a Letter of Award (LoA) from Power Grid Corporation of India (PGCIL) for supply contract for tower package for 765 kilovolt D/C Bhuj Banaskanta Transmission Line associated with Green Energy Corridors: Inter-State Transmission Scheme (ISTS) - Part C, along with contract for construction works of this line in the state of Gujarat. IL&FS Engineering and Construction Company said that the total value of the contract is Rs 136.26 crore, and the project completion period is 23 months from the date of issue of the LoA. IL&FS Engineering Services is the lead partner for this contract.

IL&FS Engineering and Construction Company reported a net loss of Rs 67.36 crore in Q1 June 2016, higher than net loss of Rs 60.95 crore in Q1 June 2015. Net sales declined 15.23% to Rs 406.92 crore in Q1 June 2016 over Q1 June 2015.

IL&FS Engineering and Construction Company is into infrastructure development, construction and project management.

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