This small-cap construction company wins orders worth more than Rs 1200 crore!
Shares of the company surged by more than 3% today after the company announced this development
Government of Madhya Pradesh Department for Water Resources, and Visvesvaraya Jala Nigam Ltd (“VJNL”) respectively have declared a Mumbai-based infrastructure company, Patel Engineering Limited as L1 for a Rs 998.75 crore contract for the works including survey, investigation, designing, and construction of SHER Dams (4 No. of Dams) with all ancillary works including rising / gravity main and pipe distribution network works in the State of Madhya Pradesh for the “Sher Irrigation Project” and a Rs 266.38 crore contract for the works including Survey, Design, Supply, Installation, Testing and Commissioning of Micro Irrigation System under Tumkur Branch Canal Package – III in the State of Karnataka (Tumkur Branch Canal project).
Scrip opened today at Rs 14.20 and touched its day high at Rs 15.20 after the surge. Its 52-week high stood at Rs 26.80 whereas the 52-week low was Rs 13.10. Promoters hold 39.42 per cent, whereas institutional and non-institutional holdings are 11.30 per cent and 49.29 per cent, respectively. Presently, the market cap of the company is Rs 1,153.46 crore.
Patel Engineering Ltd. ('PEL' or 'Company'), a 73-year-old business founded in 1949, has developed as a construction firm concentrating in the irrigation and hydropower generating sectors. We have completed several infrastructure projects in the hydropower, irrigation and water supply, urban infrastructure, and transportation segments primarily as civil contractors. We are currently engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures, and other kinds of heavy civil engineering work. We are present in several high-tech industries, including hydro, irrigation, and water supply, as well as urban infrastructure and transportation, particularly in tunnels and underground construction for transportation and hydropower projects.