IL&FS Engineering jumps after winning Nagpur metro rail project

IL&FS Engineering and Construction Company jumped 12.67% to Rs 57.45 at 11:00 IST on BSE after the company announced that it won Rs 532.67 crore Nagpur Metro Rail Project.

The announcement was made after market hours on Friday, 22 July 2016.

Meanwhile, the S&P BSE Senses was up 19.89 points or 0.07% at 27,823.13.

High volumes were traded on the counter. On BSE, so far 97,735 shares were traded in the counter as against average daily volume of 13,188 shares in the past one quarter. The stock hit a high of Rs 58.60 and a low of Rs 55.60 so far during the day. The stock had hit a 52-week high of Rs 93.70 on 31 July 2015. The stock had hit a 52-week low of Rs 39.15 on 23 May 2016. The stock had outperformed the market over the past one month till 22 July 2016, gaining 16.21% compared with Sensex's 3.88% rise. The scrip had also outperformed the market in past one quarter, rising 8.07% as against Sensex's 7.61% 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 (IL&FS Engineering Services) received a Letter of Acceptance (LoA) from Nagpur Metro Rail Corporation, a joint venture of Government of India & Government of Maharashtra for Rs 532.67 crore Nagpur Metro Rail Project.

The project involves construction of seven elevated Metro stations, and three at-grade stations (North South Corridor). The project is to be completed in 110 weeks from the date of issue of LOA.

IL&FS Engineering Services is currently executing 4 Metro rail projects worth around Rs 1100 crore in Bangalore for Bangalore Metro Rail Corporation, in Gurgaon for Rapid Metro Rail Project, Phase-II (RMRG), in Kolkata for Rail Vikas Nigam Limited (RVNL), and in Ahmedabad for Metro-Link Express for Gandhinagar & Ahmedabad (MEGA) Company.

IL&FS Engineering and Construction Company's jumped 3767.1% to Rs 32.87 crore on 2% rise in net sales to Rs 589.08 crore in Q4 March 2016 over Q4 March 2015.

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

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