IL&FS Engineering locked at 5% UC

The moment it opened up for trade today morning, IL&FS Engineering was frozen at the 5% upper circuit at Rs.53.65, with some 49,000 pending buy orders and no sellers on the counter. Its 52-week high and low stands at Rs.65.95 and R.31 respectively.

The stock is reacting to the company’s receipt of a new order from GAIL.

This is for 157.8 km long 30' diameter pipeline laying works for Dobhi-Durgapur-Haldia Pipeline Section (Part B) along with 13.28 km long 12' diameter spurline under Jagdishpur Haldia/Bokaro-Dhamra Natural Gas pipeline (JHBDPL) project in Jharkhand/West Bengal states.

The total value of the contract is Rs. 2156 crore (Excluding GST) and is to be mechanically completed in 15 months from date of FOA and additional 2 month for pre-commissioning and commissioning.

The company has been receiving orders from GAIL on a regular basis. It recently won a Rs.123 crore order for playing pipeline in Kerala/Karnataka and is working on a Rs.336 crore pipeline project in states of Kerala and Bihar.