Shares below Rs 20: This smallcap stock surges more than 10 per cent after bagging a huge contract!
The project, which had previously been declared as L1, has a total value of Rs 640 crore
Patel Engineering saw its shares surge more than 10 per cent on Friday, March 03, 2023, reaching an intraday high of Rs 15.93 per share. This surge was accompanied by a significant increase in trading volume, which rose by more than 2.63 times.
On the same day, Patel Engineering and its joint venture partners were awarded the Rihand Micro Irrigation Project by the Department of Water Resources in Madhya Pradesh. The project, which had previously been declared as L1, has a total value of Rs 640 crore, with Patel Engineering holding an 80 per cent stake, worth Rs 512 crore.
The project entails constructing a pressure irrigation system to supply water through pressurized pipeline systems for micro-irrigation under the Rihand Micro Irrigation Project in the state of Madhya Pradesh. The project is expected to take 36 months to complete.
Patel Engineering, a 73-year-old construction company established in 1949, has grown to become a specialist in the hydro power generation and irrigation sectors. They have worked on various infrastructure projects, including dams, bridges, tunnels, roads and industrial structures, as well as heavy civil engineering works, primarily as civil contractors, in the hydro power, irrigation and water supply, urban infrastructure and transportation segments.
Keep a close eye on this trending stock.