Shares of Engineers India Ltd (EIL) corrected in Monday's trade even as the state-owned firm secured an order worth Rs 1,200 crore. Today's fall came in line with the weakness across domestic benchmarks due to US tariff announcements.
The stock dived 5.08 per cent to hit a low of Rs 160.50. Last checked, it was trading 4.61 per cent down at Rs 161.30. At this price, the scrip has corrected 32.30 per cent in the last six months.
"EIL has recently been appointed as a Project Management Consultant (PMC) on Depository mode for the Development of an Academic Institute of National Importance with a project cost of approximately Rs 1,200 crore. In this regard, a contract agreement was signed between the Institute and Engineers India Ltd," EIL stated in a BSE filing.
Prior to this, the PSU has recently won a Rs 222-crore contract from Hindustan Petroleum Corporation (HPCL). The contract involves PMC services for the lube modernisation and bottom upgradation (LMBU) project.
Around 1.59 lakh shares changed hands today on BSE at the time of writing this story. This figure was lower than the two-week average volume of Rs 1.70 crore. Turnover on the counter came at Rs 2.58 crore, commanding a market capitalisation (m-cap) of Rs 9,065.74 crore.
On technical setup, the counter traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 38.19. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 32.99 against a price-to-book (P/B) value of 3.80. Earnings per share (EPS) stood at 4.89 with a return on equity (RoE) of 11.55.
As of December 2023, the government held a 51.32 per cent stake in the state-run engineering consultancy firm.