Patel Engineering rallies 12% on bagging orders worth Rs 508 crore

The stock has given a return of 35.05 percent this year, so far, against the Nifty’s 0.1 percent

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Patel Engineering Limited was trading 12 percent higher in the morning trade on May 4 after the company and its joint venture partners bagged Rs 1,310 crore worth of projects.

The company along with joint venture partners bagged a Rs 311.13-crore Tumkur branch canal micro irrigation project and a Rs 998.75-crore Sher micro–Irrigation Project.

The share of Patel Engineering Limited in these two orders aggregates to Rs. 508.24 crore, the company said in BSE filing.

The company, being a 51 percent partner in the joint venture for the Tumkur branch canal work, has a project share of Rs 158.68 crore. In the Sher project, it has a share worth Rs 349.56 crore by way of a 35 percent share in the joint venture.

At 11.24 am, the stock was trading at Rs 23.85 on BSE, up 12 percent from the previous close.

The stock has given a return of 35.05 percent since the start of 2023, outperforming equity benchmark the Nifty, which has given a return of 0.1 percent during the period.

On a five-year basis, the stock has lost 43.76 percent of its value, while the Nifty has given a return of 70.72 percent.

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