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Shares of IL&FS Engineering and Construction Company Ltd were locked at 5 per cent upper circuit on Monday as the company has won a Rs 216 crore order from GAIL for constructing a 157.8 km pipeline.
Following a strong open at Rs 53.30 against the previous close of Rs 51.10, the scrip touched an intraday high of Rs 53.65 and a low of Rs 53.50. In terms of equity volume, 0.53 lakh shares exchanged hands in the evening trade.
According to a BSE filing, the company has received Fax of Acceptance (FOA) from Gas Authority of India Ltd (GAIL) for 157.8 km long 30' diameter pipeline laying works for Dobhi-Durgapur-Haldia Pipeline Section (Part B) along with 13.28 km long 12' diameter spurline under Jagdishpur Haldia/Bokaro-Dhamra Natural Gas pipeline project in Jharkhand/West Bengal.
Total value of the contract is Rs. 215.79 crore (excluding GST) and is to be mechanically completed in 15 months from the date of FOA and additional 2 months for pre-commissioning and commissioning.
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