Engineers India gains on order win of Rs 2,500 crore from HPCL

Engineers India stock was up 5% to Rs 161 on the BSE in early morning trade

Engineers India (EIL) was up 5% to Rs 161 on BSE in early morning trade after the company said it has received a project worth Rs 2,500 crore from the state-owned oil marketing company Hindustan Petroleum Corporation (HPCL) for execution of Vizag Refinery Modernization Project (VRMP).

HPCL has entrusted the project for execution of Vizag refinery modernization project (VRMP) to the company, EIL said in a BSE filing.

The company shall execute this project contract under two separate contracts, namely PMC Services for major process units and packages under U&O and Execution of U&O and PRU revamp on open book estimate (OBE) Basis.

The total awarded order value is more than Rs 2,500 crore with a total project schedule of 43 months for mechanical completion, it added.

At 09:51 am; the stock of EIL was up 3% at Rs 157 on the BSE.  A combined 5.16 million shares changed hands on the counter on the BSE and NSE so far.

HPCL was too up 3% at Rs 476, after hitting a high of Rs 482 on the BSE in intra-day trade so far. A combined 956,326 shares changed hands on the counter on both the exchanges.