IL&FS Engineering hits the roof after bagging order

IL&FS Engineering and Construction Company hit an upper circuit limit of 10% to Rs 28.75 at 9:53 IST after the company bagged a project worth Rs 244.46 crore from realty firm Emaar MGF for construction work at its residential project at Gurgaon.

The company made the announcement after market hours on Thursday, 12 September 2013.

Meanwhile, the BSE Sensex was up 56.57 points, or 0.29%, to 19,838.45.

On BSE, 7,742 shares were traded in the counter compared with average volume of 6,302 shares in the past one quarter.

The stock hit a high of Rs 28.75 and a low of Rs 27.35 so far during the day. The stock hit a record low of Rs 19.40 on 2 August 2013. The stock hit a 52-week high of Rs 72.80 on 4 October 2012.

The stock had underperformed the market over the past one month till 12 September 2013, sliding 1.95% compared with the Sensex's 4.41% rise. The scrip had also underperformed the market in past one quarter, falling 18.66% as against Sensex's 3.89% rise.

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

IL&FS Engineering and Construction Company said it received a Letter of Award from Emaar MGF Land for construction of civil structure and related works of 150 residential villas in Gurgaon, Haryana.

The project named Marbella is coming up in Sector 65 and 66 in Gurgaon. The Rs 244.46-crore contract is to be executed in 30 months, according to a company statement.

IL&FS Engineering and Construction Company is already executing two buildings and structure projects for Emaar MGF. While the Palm Terraces Select Housing Complex is coming up at Sector 66, the Palm Garden Housing Complex Project is being developed at Sector 83 in Gurgaon. These projects deals are worth around Rs 475 crore, the company said.

IL&FS Engineering & Construction Company reported net profit of Rs 3.09 crore in Q1 June 2013 as against net loss of Rs 34.23 crore in Q1 June 2012. Net sales rose 38.96% to Rs 481.65 crore in Q1 June 2013 over Q1 June 2012.

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

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