Shares of Engineers India rose nearly 5% today after the engineering consultancy firm said it won an assignment from Mundra Solar Technology Limited (a group company of Adani Enterprises Ltd.), in one of the niche sectors of Polysilicon production, which is the primary component for manufacturing Photovoltaic panels.
Stock of Engineers India rose 4.64% to Rs 84.40 against the previous close of Rs 80.65 on BSE. The stock opened lower at Rs 79.75.
It has gained after 2 days of consecutive fall. Engineers India is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Engineers India stock has gained 15.1% in a year and risen 17.16% in 2022.
Total 6.74 lakh shares of the firm changed hands amounting to a turnover of Rs 5.58 lakh on BSE. Market cap of the firm rose to Rs 4,622 crore on BSE.
The stock hit a 52 week high of Rs 86.45 on November 28, 2022 and fell to a 52 week low of Rs 55.95 on June 20, 2022.
Engineers India Limited provides engineering consultancy & EPC services to clients across the globe.
The firm said,“Engineers India Limited (EIL) has secured an assignment for providing Owner’s Engineer Services for 30,000 MTPA Polysilicon and 500 MTPA Monosilane Project from M/s Mundra Solar Technology Limited (a group company of M/s Adani Enterprises Ltd.), in one of the niche sectors of Polysilicon production, which is the primary component for manufacturing Photovoltaic panels. Conventionally, India has been dependent on import of Polysilicon and this would be a step towards realising the vision of Atmanirbhar Bharat. This would also contribute towards nation’s target of net zero by 2070.”