IL&FS Eng shares up over 4% on winning contract

Shares of IL&FS Engineering and Construction Company today ended with over 4 per cent gains after the company won a Rs 173 crore contract from GAIL for laying and construction of a pipeline along with associated works.
After surging 8.16 per cent to Rs 60.95 in intra-day trade, shares of the company finally ended at Rs 58.85, up 4.44 per cent on BSE.
At NSE, shares of the company jumped 3.81 per cent to close at Rs 58.50.
The company's market valuation rose by Rs 31 crore to Rs 713 crore.
In terms of volume, 1.94 lakh shares of the company were traded on BSE and over 11 lakh shares changed hands on NSE during the day.

The works pertain to Kochi-Koottanad-Bangalore-Mangalore Pipeline Project Phase-II in Kerala.

"The total length of the 30-inch pipeline is 91 km. The value of the contract is Rs 173.13 crore (plus service tax), and is to be mechanically completed in 24 months," the company said in a statement yesterday.
The company is already executing an EPC (engineering, procurement and construction) contract for GAIL for laying and construction of a pipeline along with associated works for Pipeline Replacement Project in Gujarat region, it said.
IL&FS Engineering Services is an infrastructure development, construction and project management company with nearly three decades of experience in executing landmark projects.