Engineers India shares down over 2% despite winning order from ONGC

A meeting of the board of directors of the company will be held on August 2, 2023 to consider financial results for the first quarter ended on June 30, 2023.

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Shares of Engineers India were down 2.4 percent at Rs 154.75 at 10.34 am on August 1, after hitting a 52-week high of Rs 160.50 earlier in the session.

Oil and Natural Gas Corporation Limited (ONGC) has awarded the project for revamping of SV stations, gas terminal & kribhco terminal at Hazira plant on EPC reimbursable basis to Engineers India Limited (EIL).

The total estimated order value is about Rs 837.34 crore with a project completion schedule of about 45 months.

A meeting of the board of directors of the company will be held on August 2, 2023 to consider and approve unaudited standalone and consolidated financial results of the company for the first quarter ended on June 30, 2023.

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Projects win in June 2023

ONGC awarded the project for replacement of 03 CSU Off-gas compressors and 6 Regeneration Gas Compressors, installation of CBD vessel at Uran Plant under EPC Reimbursable basis to the company, of Rs 472 crore with a project completion schedule of about 40 months.

Also, National Aluminium Company Limited (NALCO) has selected the company for providing consultancy services for updation of detailed project report (DPR) for Pottangi Bauxite Mines for enhancing raw-ore production.

Jindal Steel and Power signed a contract with the company for supply of basic engineering and detail engineering for Direct Reduced Iron plant covering associated facilities at Angul, Orissa.

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