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Shares of IL&FS Engineering and Construction Company today surged nearly 9 per cent after the company won a Rs 173-crore contract from GAIL for laying and construction of a pipeline along with associated works.
The stock soared 8.16 per cent to Rs 60.95 on the BSE.
On the NSE, shares of the company zoomed 8.78 per cent to Rs 61.30.
The contract pertains to Kochi-Koottanad-Bangalore-Mangalore Pipeline Project Phase-II in Kerala.
“The total length of the 30-inch pipeline is 91 km. The value of the contract is Rs 173.13 crore (plus service tax), and is to be mechanically completed in 24 months,” the company had said in a statement yesterday.
The company is already executing an EPC (engineering, procurement and construction) contract for GAIL for laying and construction of a pipeline along with associated works for Pipeline Replacement Project in Gujarat region, it said.
IL&FS Engineering Services is an infrastructure development, construction and project management company with nearly three decades of experience in executing landmark projects.
Vedanta, Cairn India
Shares of Vedanta Ltd and Cairn India rose up to 4 per cent in intraday trade today after the shareholders of mining conglomerate Vedanta Resources approved the merger of the two group firms.
However, Cairn India was trading flat on the bourses.
Vedanta Ltd’s scrip gained 3.79 per cent to Rs 180.70 on the BSE.
Shares of Cairn India too rose 3 per cent to Rs 209.20.
However, later the scrip was down 0.12 per cent to trade at Rs 202.80 in the afternoon session.
Vedanta Resources had yesterday said its shareholders have approved the merger of group firms Vedanta Ltd and Cairn India.
The development brings the firm led by billionaire Anil Agarwal a step closer to salvage the merger of cash-rich oil firm with its debt-laden parent Vedanta Ltd.
However, the real test for Agarwal is on September 12, when Cairn India has called for a shareholders’ meeting to seek approval for the company’s takeover by its parent under a revised all-share deal.
That apart, Vedanta Ltd will also hold a meeting of its shareholders, secured and unsecured creditors on September 8 to seek their approval for the merger of Cairn India.
Oil India
Shares of Oil India rose nearly 4 per cent today even as the company’s standalone net profit dropped 33.47 per cent in the quarter ended June 30, 2016.
The stock after a positive opening further gained 3.27 per cent to Rs 402 on the BSE.
On the NSE, shares of the company rose 3.72 per cent to Rs 402.
State-run Oil India’s standalone net profit dropped 33.47 per cent to Rs 494.41 crore in the quarter ended June 30, compared to the same period last fiscal.
The oil PSU had reported a net profit of Rs 743.21 crore in the year-ago period.
Total income fell to Rs 2,460.85 crore for the quarter under review from Rs 3,164.12 crore in the year-ago quarter, Oil India said in a BSE filing yesterday.
The company’s revenue from crude oil came down to Rs 1,605.35 crore in the first quarter of this fiscal from Rs 2,195.36 crore in the year-ago period.
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