Patel Engineering surges 14 per cent on back of mega orders

Civil Construction Company, Patel Engineering has bagged an order of approximately Rs. 2,400 crore for two hydro projects and a tunnel project.

The company has received a letter of interest (LOI) from Tamil Nadu Generation and Distribution Corporation Limited an electrical power generation and distribution public sector undertaking to construct Kundah Hydro Electric Project (500 MW) near Ooty. The project is worth Rs. 667.63 crore being funded by Rural Electrification Corporation.

The other hydro electric project is being executed in Nepal, Arun-3 hydro electric project (900 MW), the contract value is Rs. 1,125.87 crore. This project is being executed by SJVN Arun-3 Power Development Co. (P) Ltd, which is a wholly owned subsidiary of Satluj Jalvidyut Nigam Ltd. (PSU).

Civil Construction Company received an LOI from Municipal Corporation of Greater Mumbai (MCGM) for the construction of tunnel from Amar Mahal (Hedgwar Udyan) to Trombay Low Reservoir (TLLR) and further upto Trombay High Level Reservoir (THLR). The contract value stands at Rs. 618.21 crore.

On Wednesday, Patel Engineering hit intraday high of Rs. 51 and intraday low was Rs. 48 per share on the BSE. The recorded 52-week high was Rs. 96 and 52-week low was Rs. 36.10 per share on the BSE.

At 10:21 hours, the share was quoting Rs. 50.15 per share, up by 14.63 per cent. The BSE Sensex was trading at 37,720 level, up by 0.14 per cent while the Nifty50 was trading at 11,404.25 up by 0.13 per cent on Wednesday.