Shares of Engineers India (EIL) hit an over three-year high at Rs 103.30, as they rallied 6 per cent on the BSE in Tuesday’s intra-day trade in an otherwise subdued market amid heavy volumes. In comparison, the S&P BSE Sensex was down 0.25 per cent at 62,187.60 at 12:08 PM. A combined around 15 million shares of the company had changed hands on the NSE and BSE.
The stock of state-owned civil construction company quoted at its highest level since January 2020. In past seven weeks, it has zoomed 45 per cent from a level of Rs 71 on March 28, 2023.
There is no pending undisclosed/price sensitive information or any impending announcement/corporate action which has a bearing on the price/volume behavior in company’s scrip. The increase in volume of company’s scrip is purely market driven, EIL had said on clarification on increase in volume of company’s securities across exchanges in the recent past.
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EIL has been at the forefront of the domestic hydrocarbons industry for over five and a half decades. As India’s leading Engineering Consultancy & EPC – Navratna firm, the company has a significant track record across the entire oil & gas value chain, and has also made a mark globally by executing landmark projects around the world. EIL is a PSU under the charge of the Ministry of Petroleum & Natural Gas (MoPNG).
As on December 31, 2022, EIL total order book position stood at Rs 7,866 crore, of which 57 per cent are from consultancy segment and 43 per cent are from turnkey segment.
The company is currently working on feasibility projects across multiple hydrocarbon fuels, pipeline and renewable fuels like hydrogen, ethanol and other biofuels. Analysts at ICICI Securities believe as capex cycle picks up, these capabilities might help win execution orders for the company. Supported with improved order intake outlook and strong cash rich balance sheet, the brokerage firm maintains our BUY rating on the stock with a target price of Rs 105 per share.