Patel Engineering shares locked at upper circuit on LoA for water tunnel project

Patel Engineering has been awarded the LOA from City and Industrial Development Corporation (CIDCO) for the construction of a 6.70 km long treated water tunnel and associated works from Sai Village to Vindhane Village in Raigad District of Maharashtra.

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Trading in shares of Patel Engineering were frozen at 5 percent upper circuit on June 5 after the company received Letter of Acceptance (LOA) from CIDCO. There were pending buy orders of 295,665 shares, with no sellers available.

Patel Engineering has been awarded the LOA from City and Industrial Development Corporation (CIDCO) for the construction of a 6.70 km long treated water tunnel and associated works from Sai Village to Vindhane Village in Raigad District of Maharashtra.

The water tunnel project worth Rs 519.50 crore is going to be executed without any joint venture partnership.

“We are honored to have been awarded this prestigious project and express our sincere gratitude towards all authorities and stakeholders. Patel Engineering Limited is committed to delivering exceptional infrastructure solutions that positively impact the lives of people. This project demonstrates our technical prowess and engineering skills along with excellent execution capabilities,” said Rupen Patel, Chairman & Managing Director, Patel Engineering.

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In May 2023, the company had executed a share purchase agreement with Authum Investment and Infrastructure Limited, to sell and transfer 41.01% of its equity stake from out of 51% in its subsidiary viz. Michigan Engineers Private Limited (MEPL).

The share price has risen 51 percent in the last six months. At 12:57 hrs, Patel Engineering Company was quoting at Rs 27.22, up Rs 1.29, or 4.97 percent on the BSE.

The share touched a 52-week high of Rs 29.70 and a 52-week low of Rs 13.10 on 18 May, 2023 and 27 February, 2023, respectively.

Currently, it is trading 8.35 percent below its 52-week high and 107.79 percent above its 52-week low.