IL&FS Engineering soars as arm bags work order worth Rs 268 crore in Kingdom of Saudi Arabia

IL&FS Engineering and Construction Company is currently trading at Rs. 50.90, up by 4.60 points or 9.94% from its previous closing of Rs. 46.30 on the BSE. The scrip opened at Rs. 50.50 and has touched a high and low of Rs. 50.90 and Rs. 49.20 respectively. So far 12,000 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 50.90 on 22-Apr-2014 and a 52 week low of Rs. 19.40 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs. 50.90 and Rs. 43.75 respectively. The current market cap of the company is Rs. 457.00 crore. The promoters holding in the company stood at 29.78% while Institutions and Non-Institutions held 17.27% and 52.95% respectively. IL&FS Engineering and Construction Company’s subsidiary - Maytas Infra Saudi Arabia Company (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 approximately Rs 268 crore. The scope of work involves construction of road drainage works including excavation, steel reinforcement, concrete works, erection, and backfilling. IL&FS Engineering and Construction Company is engaged in infrastructure development, construction and project management. The company has undertaken projects in segments such as roads/ expressways/ highways, buildings and industrial structures, irrigation canals and dams and thermal and hydel power.