Engineers India falls over 3% after board nod to buy 4.37% in Numaligarh Refinery

In a regulatory filing, the company said that the board of directors have approved a plan to subscribe 1,25,73,627 of equity shares in the Right Issue Offer of the Guwahati based- Numaligarh Refinery.

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Shares of Engineers India fell more than 3 percent to below Rs 155, a day after the engineering consultancy firm said that its board of directors has approved the acquisition of 4.37 percent equity stake in Numaligarh Refinery (NRL).

Engineers India will subscribe to 1.26 crore equity shares at Rs 110 per share in a rights issue of the Guwahati-based Numaligarh Refinery, it said in a stock exchange filing on August 24. The acquisition cost works out to about Rs 138 crore. The acquisition price per share is similar to what the Assam government had decided to pay in June 2023 for acquiring the stake in Numaligarh refinery.

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As of 10:40am, shares of Engineers India were trading 3.04 percent lower from yesterday’s close of 161.50. The trading volume was 2,006,478, which was lower than the 20-day average of 6,280,443.

For Q1FY24, net sales grew by 0.43 percent year-on-year at Rs 818.27 crore in Q1FY24. Net profit for the quarter grew by 114.35 percent year-on-year to Rs 138.93 crore. Earnings before interest, taxes, depreciation and amortisation (EBITDA) in June 2023 was Rs 164.74 crore, up by 120.33 percent from the previous fiscal. The EPS also increased to Rs. 2.47 in June 2023 from Rs 1.15 in June 2022.

Also read: Engineers India Consolidated June 2023 Net Sales at Rs 818.27 crore, up 0.43% YoY

Engineers India is an engineering consultancy company providing design, engineering, procurement, construction and integrated project management services for oil and gas, petrochemical,  infrastructure, water and waste management, solar and nuclear power and fertiliser sectors.

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