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Engineers India stock ends higher after firm wins Rs 448-cr order

Engineers India share touched an intraday high of Rs 68.4, rising 3.56% on BSE

twitter-logoBusinessToday.In | September 3, 2020 | Updated 18:52 IST
Engineers India stock ends higher after firm wins Rs 448-cr order
Engineers India share stands lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Engineers India share ended 2% higher today after the company won an order from GAIL (India) for the execution of PDH/PP project at Usar, Maharashtra. Engineers India share touched an intraday high of Rs 68.4, rising 3.56% on BSE.

The share has gained 3.05% in the last 2 days. Engineers India share stands lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The PSU share has lost 34% in one year and fallen 31.73% since the beginning of this year.

Total 3.26 lakh shares changed hands amounting to turnover of Rs 2.20 crore. Market cap of the firm rose to Rs 4,268 crore. Later, the share closed 2.27% higher at Rs 67.55 on BSE.  

The company said it would execute this project as EPCM Consultancy Services for 500 KTA PDH-PP project.

The project involves setting up of PDH and PP plant at Usar and pipeline from Usar to Uran and storage facilities at Uran. The timeline for completion of the project is within 48 months.

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"The project involves setting up of PDH and PP plant at Usar and pipeline from Usar to Uran and Storage facilities at Uran. The estimated order value is Rs 448 cr with a total project completion schedule of 48-months," the company said.

Meanwhile, Indian equity market ended in red after two days of gains led by losses in banking stocks. Sensex closed 95 points lower at 38,990 and Nifty lost 7.55 points to 11,527.

Sensex, Nifty end lower after two sessions; PowerGrid, Axis Bank, ICICI Bank top losers

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