IL&FS locked on upper circuit

IL&FS hit a new 52-week high today at Rs.50.90, which was also its 105 upper circuit filter. Volumes were up almost 7 times.

The stock hit a high, reacting to the news is announced yesterday after market closure. The company stated that its subsidiary, Maytas Infra Saudi Arabia Co. (MISA), a received a Letter of Award (LoA) from Saudi Binladin Group for Road Drainage Works for King Abdul-Aziz International Airport Development Project-Phase1, Jeddah in Kingdom of Saudi Arabia (KSA).

The total value of the contract is Saudi Riyals 166.89 million, which is approximately around Rs.270 crore. The scope of work involves construction of Road Drainage Works including excavation, steel reinforcement, concrete works, erection, and backfilling.

This order comes close on the back of another order it received at the beginning of this month – it had received a letter of intent for Rs.176 crore from Ireo Private for a residential project in Gurgaon.