IL&FS Engineering surges after subsidiary receives a contract

IL&FS Engineering and Construction Company jumped 9.61% to Rs 63.85 at10:40 IST on BSE after the company said that its subsidiary Maytas Infra Saudi Arabia has received a contract from Saudi Binladin Group.

The announcement was made by the company after trading hours yesterday, 11 December 2014.

Meanwhile, the BSE Sensex was up 46.87 points, or 0.17%, to 27,648.88.

On BSE, so far 88,537 shares were traded in the counter, compared with an average volume of 37,203 shares in the past one quarter.

The stock hit a high of Rs 65.95 and a low of Rs 63.30 so far during the day. The stock hit a 52-week high of Rs 76.10 on 21 May 2014. The stock hit a 52-week low of Rs 31 on 20 December 2013.

The stock had underperformed the market over the past one month till 11 December 2014, falling 7.47% compared with 1.1% decline in the Sensex. The scrip had also underperformed the market in past one quarter, declining 5.28% as against Sensex's 2.25% rise.

The small-cap firm has an equity capital of Rs 89.86 crore. Face value per share is Rs 10.

IL&FS Engineering and Construction Company (IECCL) said that the company's subsidiary Maytas Infra Saudi Arabia (MISA) has received a contract from Saudi Binladin Group for construction of Abraj Kudai Project-P1360, Makkah in Kingdom of Saudi Arabia (KSA). The total value of the contract is Saudi Riyals 290.27 million (equivalent to Rs 464 crore approx.) and the completion period is 32 months. The scope of work involves supply, delivery, installation, supervision, as built, and handing over of structural and reinforcement concrete works for two towers - 2A & 3A which are both 230 mts in height. MISA recently commenced work on Road Drainage Works for King Abdul-Aziz International Airport Development Project-Phase 1, Jeddah in KSA worth Rs 268 crore (approx.), IECCL said.

IL&FS Engineering reported net loss of Rs 37.89 crore in Q2 September 2014 compared with net loss of Rs 53.25 crore in Q2 September 2013. Total income rose 20.3% to Rs 577.41 crore in Q2 September 2014 over Q2 September 2013.

IL&FS Engineering and Construction Company (IL&FS Engineering Services) is a multi-national infrastructure development, construction and project management company.

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