IL&FS Engg surges after receiving LOA for Metro Rail contract in Gujarat

Ahmedabad: IL&FS Engineering and Construction Company surged 8.89% to Rs 64.95 at 14:45 IST on BSE after the company received a letter of acceptance worth Rs 374.64 crore for metro rail contract in Gujarat.

The announcement was made during market hours today, 14 December 2015.

Meanwhile, the S&P BSE Senses was up 18.06 points or 0.07% at 25,062.49.

On BSE, so far 74,345 shares were traded in the counter as against average daily volume of 32,184 shares in the past one quarter.

The stock hit a high of Rs 66.35 and a low of Rs 57.75 so far during the day. The stock had hit a 52-week high of Rs 116.30 on 24 February 2015. The stock had hit a 52-week low of Rs 55.20 on 27 November 2015.

The stock had outperformed the market over the past one month till 11 December 2015, sliding 0.33% compared with Sensex’s 3.18% fall. The scrip had, however, underperformed the market in past one quarter, dropping 10.17% as against Sensex’s 2.21% fall.

The small-cap company has equity capital of Rs 121.16 crore. Face value per share is Rs 10.

IL&FS Engineering and Construction Company said that it has received a letter of acceptance (LOA) from Metro-Link Express for Gandhinagar & Ahmedabad Company for a total value of Rs 374.64 crore for construction of viaduct corridor for Ahmedabad Metro Rail Project Phase-I, in Gujarat. The project is to be completed in 120 weeks from the date of issue of LOA.

The company is currently executing 3 metro rail projects worth more than Rs 700 crore in Bengaluru for Bangalore Metro Rail Corporation, in Gurgaon for Rapid Metro Rail Project, Phase II (RMRG) and in Kolkata for Rail Vikas Nigam (RVNL).

IL&FS Engineering and Construction Company reported a net loss of Rs 81.87 crore in Q2 September 2015, higher than net loss of Rs 37.89 crore in Q2 September 2014. Net sales declined 36.7% to Rs 352.07 crore in Q2 September 2015 over Q2 September 2014.

IL&FS Engineering and Construction Company is into infrastructure development, construction and project management.

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