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With a market capitalization of Rs 6,252 crore, Engineers India’s stock rose 3 percent in early trading on Tuesday after the company received an order from the Oil and Natural Gas Corporation Limited (ONGC).

According to BSE filing, the Company received an award from ONGC for the Replacement of  CSU Off-gas compressors and  Regeneration Gas Compressors, and the installation of a CBD vessel at Uran Plant. With a projected completion date of around 40 months, the total order is valued at Rs 472 Crore.

At 3:10 pm, Engineers India shares were trading at Rs 112.40, up 2.18 percent on the NSE. The share touched a 52-week high of Rs 114.50 on June 7, 2023.

The stock gained 34.97 percent in the previous six months from Rs 82.35 to current levels, and in the last year, the stock has gained 89.11 percent ranging from Rs 58.75.

Engineers India Ltd is engaged in the business of offering engineering and technical services for petroleum refineries and other industrial projects. The company is into other areas such as pipelines, petrochemicals, oil and gas processing, offshore structures and platforms, fertilisers, metallurgy, and power. company owned by the Govt. India operates under the administrative control of the Ministry of Petroleum and Natural Gas.

Earlier this month, the company secured a new order worth Rs 20.5 crore from Jindal Steel and Power Limited (JSPL) and National Aluminium Company Limited (NALCO). For providing Consultancy Services and upgradation of plants.

According to the company’s financials, From Q3 to Q4, net profit climbed by 212 percent, rising from Rs 50 crore to Rs 156 crore. In addition, operating income climbed to Rs 880 crore from Rs 842 crore in the preceding quarter. 

On a year-on-year basis, revenue climbed from Rs 2,912 crore in FY 21-22 to Rs 3,330 crore in FY 22-23. Similarly, net profit grew from Rs 342 crore to Rs 344 crore. 

As per the shareholding pattern, promoters of the company hold a 51.32 percent stake, foreign institutional investors (FIIs) hold 7.96  percent and domestic institutional investors(DIIs) hold a 15.81 percent stake in the company for FY 22-23.

Written by Omkar C

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