IL&FS Engineering surges 9% on bagging Rs 123 cr orders from GAIL

Shares of IL&FS Engineering & Construction Company rose over 9% after the company said it received two pipeline laying contracts worth Rs 123 crore from Gas Authority of India.

Reacting to the development, the stock rallied as much as 9% to Rs 57 on the BSE. 

On the volume front, 58,000 shares exchanged hands on the counter compared with two-week average of 35,000 shares. 

"IL&FS Engineering and Construction Company has received Fax of Acceptance (FOA) from Gas Authority Ltd for two pipeline laying contracts worth Rs 123.05 crore in Kerala/Karnataka," the company said in a BSE filing.

Both the orders are part of Kochi-Koottanad-Mangalore pipeline project.

IL&FS Engineering Services added that it is already executing a part of this Kochi-Koottanad-Mangalore pipeline project for GAIL worth Rs 173.13 crore in Kerala.