Engineers India jumps most in 1-1/2 years

Engineers India

17/11/2022 07:34

** Shares of engineering and construction co Engineers India
 ENGI.NS  rise as much as 8.87% to 79.80 rupees, mark their
sharpest intraday pct gain since March 1, 2021
    ** Co stock hits highest level since Oct 19, 2021 and on
track for a second consecutive session of gains
    ** Co had reported a 341% jump in Q2 consolidated net profit
on Nov 9 to 751.6 mln rupees ($9.21 mln)
    ** Co had further added that it has won project worth up to
$22 mln in Republic of Guyana
    ** We expect ENGI to be a beneficiary of sun-rising
opportunities like coal gasification and green hydrogen backed
by a strong order pipeline stemming from the expected
investments in the hydrocarbon industry - analysts at ICICI
securities said in a Nov 11 note
    ** "Due to a higher revenue share from turnkey segment, (56%
in Q2FY23 vs 46% in Q2FY22), EBTIDA margin contracted
390bps/30bps YoY/QoQ to 5.4%," ICICI Securities said while
lowering TP to 103 rupees from 108 rupees 
    ** More than 17.5 mln shares change hands, 10x 30-day avg of
1.8 mln shares
    ** All six analysts covering the stock have a "buy" or
"strong buy" rating; median PT is 91 rupees - Refinitiv data
    ** Stock up 4.71% YTD, as of last close
    ($1 = 81.6010 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))