Engineers India (EIL) spurted 2.93% to Rs 89.60 after the company secured a deal from Indian Oil Corporation (IOCL) for capacity expansion of Panipat Refinery to 25 million metric tonnes per annum (MMTPA).
Indian Oil Corporation (IOCL) has awarded a project to EIL for the execution of consultancy for overall project management and EPCM services (Phase-II) for capacity expansion of Panipat Refinery from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA (P-25 project).
The total awarded order value is around Rs 600 crore with a total project schedule of 40 months for mechanical completion. The announcement was made after market hours yesterday, 2 March 2021.
EIL's consolidated net profit dropped 19.7% to Rs 90.32 crore on a 6% decline in net sales to Rs 845.49 crore in Q3 FY21 over Q3 FY20.
EIL provides design, engineering, procurement, construction, and integrated project management services primarily for oil and gas and petrochemical industries. The Government of India owned 51.32% stake in company as on 19 February 2021.
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