Shares of Engineers India Ltd (EIL) rose 2.5% on Tuesday after the company secured an engineering, procurement, and construction management (EPCM) contract worth ₹252.95 crore (excluding GST) from Numaligarh Refinery Ltd (NRL) in Assam.The public sector oil company NRL has awarded EIL the contract to provide EPCM services for a 360-kilo-tonnes per annum (KTPA) polypropylene unit (PPU) project at its Numaligarh refinery. The project is expected to be completed within 36 months, according to a regulatory filing by EIL on March 18.
The contract was awarded last week (March 13), but EIL sought clarification on contractual terms, which was finalised on March 17. The company has not disclosed further details due to confidentiality agreements. Notably, EIL holds a minority stake in Numaligarh Refinery Ltd.
Following the announcement, EIL shares climbed to an intraday high of ₹163 on the BSE. At 01:47 PM, the stock was trading 0.53% higher at ₹159.90 per share.Also read: Gensol Engineering to raise ₹600 crore to strengthen balance sheet; approves stock split
The contract was awarded last week (March 13), but EIL sought clarification on contractual terms, which was finalised on March 17. The company has not disclosed further details due to confidentiality agreements. Notably, EIL holds a minority stake in Numaligarh Refinery Ltd.
Following the announcement, EIL shares climbed to an intraday high of ₹163 on the BSE. At 01:47 PM, the stock was trading 0.53% higher at ₹159.90 per share.Also read: Gensol Engineering to raise ₹600 crore to strengthen balance sheet; approves stock split
EIL, a Navratna PSU under the Ministry of Petroleum and Natural Gas, posted a 78% year-on-year (YoY) surge in net profit for the third quarter of FY25, driven by higher operational efficiency.
The company’s net profit stood at ₹93.8 crore in the quarter ended December 31, 2024, up from ₹52.7 crore in the corresponding period last year. Additionally, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) saw a 95.8% YoY jump to ₹98 crore, nearly doubling from ₹50 crore in Q3 FY24.
