Engineers India advanced 2.37% to Rs 71.15 after the company an order from Oil and Natural Gas Corporation (ONGC) on EPC Reimbursable basis for Rs 249 crore.
The order includes restoration of gas terminal, Phase-1 at Hazira plant of ONGC. The contract is to be executed on EPC Reimbursable basis (open book brief estimate (OBE) model).The total estimated order value is Rs 249 crore and the time period for execution of the project is scheduled at 33 months.
Engineers India is an engineering consultancy and technology licensing company in the fields of hydrocarbons, petrochemicals, fertilizers, metallurgy, ports & terminals, and other sectors of industry, having a DSIR-recognized R&D center. As of 30 June 2022, the Government of India held a 51.32% stake in the company.
The company reported a consolidated net profit of Rs 64.81 crore in Q1 FY23, steeply higher than Rs 2.68 crore posted in Q1 FY22. Net sales rose 9.2% YoY to Rs 814.80 crore in Q1 FY23.
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