Low PE High ROCE penny stock: This small-cap company emerges as L1 bidder for a project worth Rs 3,637.12 crore!

Shares of the company have gained more than 4 per cent in today’s trade.

On March 22, 2023, Patel Engineering Limited (PEL) informed in the exchange filing that the company has emerged as an L1 bidder in the financial bid opening through the e‐reverse auction for the tender invited by NHPC Limited, for the construction of civil works. The order comprises head race tunnels including intake, pressure shafts, penstocks, powerhouse and transformer cavern, tail race tunnels, pothead yard, etc, for Dibang Multipurpose Project 2880 MW, located in Arunachal Pradesh, India.

The project is to be executed in 86 months. It is to be executed in a Joint Venture, of which PEL’s share is 50 per cent. The majority of the company’s order book comprises projects which are awarded by central & state governments or other government undertakings & public sector undertakings.

Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport.

Today, the stock opened at Rs 15.19, with a high and low of Rs 15.90 and Rs 14.88. The stock previously closed at Rs 15.01. The stock is currently trading at Rs 15.31, up by 2 per cent.

The stock has a 52-week high of Rs 26.80 and a 52-week low of Rs 13.10. The company has a market capitalisation of Rs 1184.41 crore.