Engineers India inks MoU with NRL for development of joint technologies; stock zooms 3%

1 Apr 2022 , 10:49 AM

Engineers India Limited (EIL) and Numaligarh Refinery Limited (NRL) have signed a Memorandum of Understanding (MoU) for the development and commercialization of technologies. The MoU was signed on March 31, 2022.

Under the MoU, EIL and NRL will jointly develop and license indigenous technologies.

NRL is an operating petroleum refining & marketing company with an extensive product range covering most of the refinery streams. Whereas, EIL is a premier engineering consultancy and technology licensing company in the fields of hydrocarbons, petrochemicals, fertilizers, metallurgy, ports & terminals, and other sectors of industry, having a DSIR recognized R&D Centre.

This MoU will mark a significant step in the direction of the “Atmanirbhar Bharat”.

Post this development, Engineers India’s stock jumped 3.20% and was trading at Rs66.10 as against the previous close of Rs64.05 on NSE. It touched intraday high and low of Rs67 and Rs64.10 respectively.