Shares of Engineers India (EIL) hit a more than three-year high of Rs 103.30, rising 6% on the BSE in intraday trade on Tuesday in an already subdued market. In contrast, the S&P BSE Sensex was down 0.25% at 62,187.60 at 12:08 pm. A total of about 15 million shares of the company changed hands on the NSE and BSE.

Shares of the state-owned civil construction company hit their highest level since January 2020. The stock has gained 45% in the last seven weeks from Rs 71 on March 28, 2023.

There is no pending undisclosed/price-sensitive information or any impending announcements/corporate actions to have an impact on the price/volume behaviour of the company’s shares. The increase in the number of company shares is purely market-driven, EIL said in a recent clarification on the increase in the number of company securities on exchanges.

For five and a half years, EIL has been at the forefront of the domestic hydrocarbon industry. As India’s leading engineering consultancy and EPC – Navratna company, the company has a significant track record across the oil and gas value chain and has also achieved global success by executing landmark projects across the world. EIL is a PSU under the responsibility of the Ministry of Oil and Gas (MoPNG).

As on December 31, 2022, EIL’s total order book stood at Rs 7,866 crore, of which 57% was from the consultancy segment and 43% from the turnkey segment.

The company is currently working on feasibility projects across multiple hydrocarbon fuels, pipelines and renewable fuels such as hydrogen, ethanol and other biofuels. Analysts at ICICI Securities believe these capabilities could help win execution orders for the company as the capital spending cycle picks up. The brokerage maintained its “buy” call on the stock with a target price of Rs 105 per share, backed by an improving order intake outlook and a strong cash-rich balance sheet.