IL&FS Eng trims early gains; stock ends nearly 3% higher

Trimming most of its sharp initial gains, shares of infrastructure firm IL&FS Engineering and Construction Company ended nearly 3 per cent higher on profit -booking amid an overall weak broader market.
After surging 8.57 per cent to Rs 48.75 in intra-day trade, shares of the company later witnessed profit-booking and finally ended at Rs 45.45, up 1.22 per cent on BSE.
At NSE, shares of the company settled 2.7 per cent higher at Rs 45.55.
The stock had witnessed sharp rally in morning trade after the company won a Rs 154-crore contract from Power Grid for transmission line works in Gujarat.

"IL&FS Engineering and Construction Company and Unitech Power Transmission JV has received letter of award for Rs 153.99 crore turnkey works of 765 kV transmission line in Gujarat from PGCIL," the company said in a BSE filing on Friday.
The scope of work includes supply contract for tower package for 765 kV Bhuj-Banaskanta Transmission Line associated with green energy corridor.

"The total value of this contract is Rs 153.99 crore, and the project completion period is 24 months from the date of issue of the letter of award (LoA)," the company had said.
Stock market was closed on Friday.
Meanwhile, in the broader market the BSE benchmark Sensex ended with a sharp loss of 371.16 points at 24,966.40.