IL&FS Engg stock up 10% intraday on Rs 154-crore turnkey project

Shares of infrastructure firm IL&FS Engineering and Construction Company rose sharply by over 10% intraday after the company won a Rs 154-crore contract from Power Grid for transmission line works in Gujarat.

The stock gained 8.57% to Rs 48.75 on BSE. On NSE, it soared 10.2% to Rs 48.90.

However, at 1255 hours, the company's stock was down from the day's high but still higher than the red line. The company's shares were trading at Rs 46.80, up Rs 1.90 or 4.23% higher from the last close. 

"IL&FS Engineering and Construction Company and Unitech Power Transmission JV has received (a) letter of award for Rs 153.99 crore turnkey works of 765 kV transmission line in Gujarat from PGCIL," the company had said in a BSE filing on Friday.

The scope of work includes supply contract for tower package for 765 kV Bhuj-Banaskanta Transmission Line associated with green energy corridor.

"The total value of this contract is Rs 153.99 crore, and the project completion period is 24 months from the date of issue of the letter of award (LoA)," the company had said.

The stock markets were closed on Thursday and Friday.