Engineers India jumps on HPCL order

Engineers India has secured a Rs.2500 crore worth order from HPCL. This is for execution of Vizag Refinery Modernization Project.

The company is to execute this project contract under two separate contracts, namely "PMC Services for major Process Units and packages under U&O" and Execution of U&O and PRU Revamp on Open Book Estimate (OBE) Basis. The total project schedule is of 43 months.

This is a big order and naturally the market has given it a thumbs up. A Navratna PSU, the company recently brought a lot of cheer to its shareholders with a generous 1:1 bonus.

The company had ended Q2FY17 with a 21% (YoY) jump in net profit at Rs.94 crore though on a 22% drop in turnover at Rs.395 crore.

The government holds a 59.37% stake in the company.

Th stock price soared over 5% to Rs.160.65, with its 52-week high at Rs.169.90.