PSU Stock alert: EIL secures contract worth Rs 252.95 crore, shares rise
EIL has been selected for the contract by the public sector oil company NRL to supply EPCM services for a 360-kilo-tonnes annual (KTPA) polypropylene unit (PPU) project at its Numaligarh refinery.
New Delhi: Amid the company's bagging of the engineering, procurement, and construction management (EPCM) contract worth Rs 252.95 crore from Numaligarh Refinery Ltd (NRL) in Assam, Navrtana PSU Stock, Engineers India Ltd shares climbed 2.5% on Tuesday.
EIL has been selected for the contract by the public sector oil company NRL to supply EPCM services for a 360-kilo-tonnes annual (KTPA) polypropylene unit (PPU) project at its Numaligarh refinery. Based on a regulatory disclosure by EIL on March 18, the project is supposed to be finished in 36 months.
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The contract was given last week, March 13; EIL sought clarification on contractual terms, which was resolved on March 17. Confidentiality agreements have caused the firm to withhold further information. EIL notably owns a small share in Numaligarh Refinery LTD.
EIL shares on the BSE surged to an intraday high of Rs 163 following the announcement. Stock was trading 0.53% higher at Rs 159.90 per share at 01:47 PM.
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