Engineers India lost 0.52% to Rs 193.05 on BSE, with the stock sliding amid volatility after good response for the divestment of Government of India's 10% stake in the company through the stock exchanges mechanism.
The S&P BSE Sensex rose 401.12 points or 1.64% to settle at 24,870.69.
On BSE, 2.42 lakh shares were traded in the counter as against average daily volume of 76,000 shares in the past two weeks. The stock was volatile. The stock lost as much as 1.52% at the day's low of Rs 191.10 in intraday trade. The stock rose as much as 2.47% at the day's high of Rs 198.85 in intraday trade. The stock had hit a 52-week high of Rs 252 on 1 January 2016. The stock had hit a 52-week low of Rs 157.90 on 25 August 2015. The stock had underperformed the market over the past one month till 28 January 2016, sliding 14.53% compared with 6.01% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 3.07% as against Sensex's 9.51% fall.
The mid-cap company has equity capital of Rs 168.47 crore. Face value per share is Rs 5.
Bids were received for a total of 8.56 crore shares for the offer for sale (OFS) of Government of India's (GoI) 10% stake in Engineers India through the stock exchanges mechanism, as per data from BSE website. The OFS received strong response from the retail investors as well as from the non-retail investors' category. The retail investors portion got bids for 2.64 crore shares as against 67.38 lakh shares reserved for this category of investors. The non-retail investors portion got bids for 5.91 crore shares as against 2.69 crore shares on offer for this category. The indicative price for the OFS was Rs 190.63 per share.
The OFS commenced at 9:15 IST and closed at 15:30 IST. The floor price for the OFS was fixed at Rs 189 per share. Retail investors will get 5% discount to the cut-off price.
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State-run Engineers India provides engineering consultancy and EPC services, mainly to the oil and gas and petrochemical industries. The company has also diversified into sectors like infrastructure, water and waste management, solar and nuclear power and fertilizers to leverage its strong technical competencies and track record. GoI currently held 69.37% stake in Engineers India (as per the shareholding pattern as on 31 December 2015).
Engineers India's net profit rose 18.22% to Rs 69.50 crore on 15.33% growth in net sales to Rs 450.54 crore in Q2 September 2015 over Q2 September 2014.
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