IL&FS Engineering share price zoomed as much as 20 per cent on Wednesday after the company informed stock exchanges on Tuesday post market hours that it has received Rs 675 crore road project order from the Ministry of Road Transport and Highways. The Project involves Engineering, Procurement, and Construction (EPC) with a completion period of 36 months.
At 2.14 pm, the share price of IL&FS Engineering was trading 19.98 per cent up at Rs 72.05. The scrip opened at Rs 64.05 and had touched a high and low of Rs 72.05 and Rs 64, respectively, in trade so far. Sensex was down 67.25 points at 26,102 at the same time. Later, the share price of the company closed 19.98 per cent up at Rs 72.05.
In a BSE filing, the company said, “IL&FS Engineering and Construction Company has received a Letter of Acceptance (LoA) from Ministry of Road Transport and Highways (MoRTH) for a total value of Rs. 675 crores for rehabilitation and upgradation to 2 lanes with paved shoulders configuration and strengthening of Birpur-Bihpur Section (from km 0.0 to km 106) of NH-106 in the state of Bihar under Phase-I of NHDP.”
In the past one year, the share price of the company fell 2.59 per cent to Rs 60.05 on December 1. Benchmark index Sensex fell around 8 per cent during the same period.
For the last quarter ended September 30 2015, IL&FS Engineering posted net loss of Rs 83 crore, down 118.36 per cent against net loss of Rs 38.01 crore in the corresponding quarter a year ago.
IL&FS Engineering and Construction Company is engaged in infrastructure development, construction and project management. The company has undertaken projects in segments such as roads/ expressways/ highways, buildings and industrial structures, irrigation canals and dams and thermal and hydel power.