IL&FS Engineering jumps after winning new contract

IL&FS Engineering and Construction Company jumped 8.87% to Rs 39.90 at 9:25 IST on BSE after the company said it has bagged a Rs 69.97 crore contract for construction of elevated depot cum workshop for the Rapid Metro Rail Gurgaon.

The company made the announcement after market hours on Thursday, 20 March 2014.

Meanwhile, the BSE Sensex was up 58.67 points, or 0.27%, to 21,798.76.

On BSE, so far 7,703 shares were traded in the counter, compared with an average volume of 9,624 shares in the past one quarter.

The stock hit a high of Rs 40.30 and a low of Rs 39 so far during the day. The stock hit a 52-week high of Rs 50.45 on 20 March 2013. The stock hit a record low of Rs 19.40 on 2 August 2013.

The stock had underperformed the market over the past one month till 20 March 2014, rising 4.27% compared with the Sensex's 5.86% rise. The scrip had, however, outperformed the market in past one quarter, rising 12.25% as against Sensex's 3.13% rise.

The small-cap 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 has been awarded a contract for construction of elevated depot cum workshop for the Rapid Metro Rail Gurgaon, (RIVIRG- Phase-II). The total value of the contract is Rs 69.97 crore and is to be completed within 24 months from the date of issue of letter of acceptance (LOA).

This contract involves civil works (structural works) for elevated depot cum workshop near AIT Chowk, Gurgaon (South Extension), excluding architectural finishing works for RIVIRG (Phase II), the company said in a statement.

The company said it is currently executing two contracts for RMRG (Phase II) - one involving construction of double track elevated viaduct worth Rs 255.84 crore, and the other involving construction of five elevated stations at DLF Phase-I, Sushant Lok, Sector 53-54, AIT Chowck, and Sector 55-56 in Gurgaon (South Extension) worth Rs 84.30 crore.

Earlier, the company successfully executed RMRG (Phase I) contract worth Rs 259.30 crore that involved construction of single and double track elevated viaduct including six station buildings.

IL&FS Engineering & Construction Company reported net loss of Rs 58.27 crore in Q3 December 2013 as against net loss of Rs 31.15 crore in Q3 December 2012. Net sales rose 6.75% to Rs 466.35 crore in Q3 December 2013 over Q3 December 2012.

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

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