Engineers India acquires Rs 1,039 cr Cauvery Basin Refinery project

Engineers India acquired 2.64% to Rs 73.85 after the firm told the media that it bagged a Rs 1,039-crore order from Chennai Petroleum Corporation (CPCL).Engineers India was trading at Rs 73.05 per piece, increased by 1.5%. The stock has surged over 2%, with an intraday high of Rs 74.60 per piece. Chennai Petroleum was trading at Rs 114.05 per piece, surged by 2.6% on Sensex. The stock has obtained over 4% with an intraday high of Rs 115.90 per piece. On Friday, Engineers India, in a regulatory filing to stock exchanges, said that the Chennai Petroleum Corporation consigned the project for execution of EPCM-1 with MPMC & EPCM-3 services for 9 MMTPA Cauvery Basin Refinery (CBR) Project at Nagapattinam, Tamil Nadu. The total granted order value is Rs 1039 crore, with a total project schedule of 42 months for mechanical completion. Engineers India renders engineering, design, acquisition, construction, and integrated project management services primarily for gas, and oil and petrochemical firms. The Government of India held a 51.32% share in the firm as of June 30, 2021. Image Source