IL&FS Engg up 7%, wins pipeline laying contracts worth Rs 123cr

Moneycontrol BureauShares of IL&FS Engineering and Construction Company advanced 7.5 percent intraday Thursday on winning of two contracts worth Rs 123.05 crore. The company has received fax of acceptance (FOA) from Gas Authority of India (Gail) for two pipeline laying contracts worth Rs 123.05 crore in Kerala/Karnataka. It also received a contract worth Rs 83.76 crore for laying and construction of pipeline along with associated works in Kerala. Another contract is for laying and construction of pipeline along with associated works in Karnataka. The total value of this contract is Rs 39.29 crore.Both the contracts are to be mechanically completed in 11 months from date of FOA and with additional 1 month for commissioning and Gas-in.IL&FS Engineering Services is already executing a part of this Kochi-Koottanad-Mangalore pipeline project for Gail worth Rs 173.13 crore in Kerala.The company recently won another pipeline laying contract from Gail worth Rs 162.58 crore in Bihar state.At 11:45 hrs IL&FS Engineering and Construction Company was quoting at Rs 54.60, up Rs 2.60, or 5 percent on the BSE.Posted by Rakesh Patil