Engineers India (EIL) spurted 2.93% to Rs 89.60 after the company secured a deal from Indian Oil Corporation (IOCL) for capacity expansion of Panipat Refinery to 25 million metric tonnes per annum (MMTPA).
Indian Oil Corporation (IOCL) has awarded a project to EIL for the execution of consultancy for overall project management and EPCM services (Phase-II) for capacity expansion of Panipat Refinery from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA (P-25 project).
The total awarded order value is around Rs 600 crore with a total project schedule of 40 months for mechanical completion. The announcement was made after market hours yesterday, 2 March 2021.
EIL s consolidated net profit dropped 19.7% to Rs 90.32 crore on a 6% decline in net sales to Rs 845.49 crore in Q3 FY21 over Q3 FY20.