IL&FS Engineering and Construction Company hit an upper circuit limit of 10% at Rs 50.90 at 9:22 IST on BSE after the company said its subsidiary has received letter of award for road drainage works in Saudi Arabia worth Rs 268 crore.
The company made the announcement after market hours on Monday, 21 April 2014.
Meanwhile, the BSE Sensex was up 11.34 points, or 0.05%, to 22,776.17.
On BSE, so far 13,000 shares were traded in the counter, compared with an average volume of 6,623 shares in the past one quarter.
The stock was currently stuck at a fresh 52-week high level. The stock hit a low of Rs 49.20 in initial trades. The stock hit a 52-week low of Rs 19.40 on 2 August 2013.
The stock had outperformed the market over the past one month till 21 April 2014, rising 15.75% compared with the Sensex's 4.65% rise. The scrip had also outperformed the market in past one quarter, rising 15.75% as against Sensex's 7.12% rise.
The small-cap company has an equity capital of Rs 89.79 crore. Face value per share is Rs 10.
IL&FS Engineering and Construction Company announced that its subsidiary, Maytas Infra Saudi Arabia Co. (MISA), has received a Letter of Award (LoA) from Saudi Binladin Group for Road Drainage Works for King Abdul-Aziz International Airport Development Project-Phase1, Jeddah in Kingdom of Saudi Arabia (KSA).
The total value of the contract is Saudi Riyals 166.89 million (equivalent to Rs 268 crore approximately). The scope of work involves construction of Road Drainage Works including excavation, steel reinforcement, concrete works, erection, and backfilling.
IL&FS Engineering & Construction Company reported net loss of Rs 58.27 crore in Q3 December 2013 as against net loss of Rs 31.15 crore in Q3 December 2012. Net sales rose 6.75% to Rs 466.35 crore in Q3 December 2013 over Q3 December 2012.
IL&FS Engineering and Construction Company is an infrastructure development, construction and project management company in India.
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