IL&FS Eng shares zoom nearly 17% on Rs 375-cr contract in Guj

Shares of IL&FS Engineering and Construction Company surged nearly 17 per cent today as the company bagged Rs 374.64 crore project in Gujarat.
The stock soared 16.60 per cent to settle at Rs 69.55 on BSE. During the day, it zoomed 19.94 per cent to Rs 71.55.
At NSE, shares of the company jumped 15.85 per cent to Rs 69.05.
IL&FS Engineering and Construction Company has bagged Rs 374.64 crore project from Metro-Link Express for Gandhinagar and Ahmedabad (MEGA) for construction of viaduct corridor.
The company, "has received a Letter of Acceptance (LoA) from Metro-Link Express for Gandhinagar and Ahmedabad (MEGA) Company Ltd... For construction of Viaduct corridor from interface point with Gyaspur depot, abutment of depot to APMC metro rail station to Shreyas metro rail station", IL&FS Engineering said in a regulatory filing.

The project is to be completed in 120 weeks from the date of issue of LoA, it added.
MEGA is a Special Purpose Vehicle (SPV) incorporated by the Gujarat government to implement Metro Rail Project under the Companies Act, 1956.