IL&FS Engineering gains after receiving letter of intent for a contract in UP

The announcement was made during trading hours today, 16 July 2013.

Meanwhile, the S&P BSE Sensex was down 203.24 points or 1.01% at 19,831.24.

The stock surged on high volumes. On BSE, 57,946 shares were traded in the counter as against average daily volume of 4,795 shares in the past one quarter.

The stock surged as much as 11.18% at the day's high of Rs 35.30 so far during the day. The stock hit a low of Rs 31.25 so far during the day. The stock had hit a record low of Rs 28.05 on 14 June 2013. The stock had hit a 52-week high of Rs 72.80 on 4 October 2012.

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 said it has received a letter of intent (LoI) from Madhyanchal Vidyut Vitran Nigam (MVVNL) for rural electrification (RE) works in Uttar Pradesh. The total value of this contract is Rs 284.04 crore, and the project completion period is 24 months.

IL&FS Engineering and Construction Company reported net loss of Rs 45.92 crore in the quarter ended 31 March 2013, higher than net loss of Rs 36.73 crore in the quarter ended 31 March 2012. Net sales rose 16.6% to Rs 592.26 crore in the quarter ended 31 March 2013 over the quarter ended 31 March 2012.

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

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