IL&FS Engineering surges after commissioning pipeline project in Gujarat

IL&FS Engineering and Construction Company surged 7% to Rs 88.75 at 13:25 IST on BSE after the company said that it has successfully commissioned Halol Godhra Dahod Pipeline Project in Gujarat.

The company made announcement during trading hours today, 9 July 2015.

Meanwhile, the S&P BSE Sensex was down 52.91 points or 0.19% at 27,634.81.

On BSE, so far 70,308 shares were traded in the counter as against average daily volume of 59,701 shares in the past one quarter.

The mid-cap stock hit a high of Rs 90.65 and a low of Rs 83.15 so far during the day. The stock hit a 52-week high of Rs 116.30 on 24 February 2015. The stock hit a 52-week low of Rs 50.25 on 28 August 2014.

IL&FS Engineering and Construction Company said that the project included laying 103 kilometers (kms) high pressure gas transmission pipeline on an engineering, procurement and construction (EPC) basis for Gujarat State Petronet (GSPL). The pipeline network constitutes a main gas trunkline which takes gas from existing despatch station of Padmala - Halol pipeline at Halol to receiving station at Dahod in Gujarat. The client GSPL has developed this infrastructure to cater to the customers in East Gujarat region.

This pipeline project passes through wet & dry cultivated fields, rocky terrains, and forest zones which includes major crossing through rivers, canals, roads, railways, and so on. The commissioning of this project has proven that the company has the capability to efficiently execute projects in unfavourable conditions to ensure it meets commitments made to the clients.

The company is currently executing an EPC contract from Indian Strategic Petroleum Reserves (ISPRL), Ministry of Petroleum and Natural Gas, Government of India that involves laying of pipeline from Mangalore Port to Mangalore/Padur Cavern for storage of crude oil project.

IL&FS Engineering and Construction Company's net profit fell 97.5% to Rs 0.85 crore on 30.7% decline in total income to Rs 609.26 crore in Q4 March 2015 over Q4 March 2014.

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

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