Patel Engineering stock gains on bagging order worth Rs 511 crore along with JV Partner

The civil construction company along with the JV partner received LoA for Tumkur Branch Canal Micro Irrigation Project from Visvesvaraya Jala Nigama Limited, the company said.

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Shares of Patel Engineering jumped over 3 percent at open on March 22 after the company along with the JV Partner bagged an order worth Rs 511 crore.

The civil construction company along with the JV Partner received Letter of Acceptance (LoA) for Tumkur Branch Canal (Package V) Micro Irrigation Project from Visvesvaraya Jala Nigama Limited (VJNL), which was declared as L1earlier. The company’s share in the project is Rs 281.07 crore, being 51 percent partner in the JV, it said in a stock exchange filing.

The micro irrigation system project comprises of survey, design, supply, installation, testing and commissioning comprising gravity bulk feeders, construction of a sump cum pump house, supply and installation of pumping machineries, terminal bay, electrical substation, electric power line, besides other appurtenant works such as construction of a pipe distribution network and drip irrigation system including SCADA and automation to cover an area of 15,090.21 Ha, the company further added.

At 09:16 hrs Patel Engineering Company was quoting at Rs 15.32, up Rs 0.46, or 3.10 percent on BSE. It has touched an intraday high of Rs 15.35 and an intraday low of Rs 15.25.

Earlier, Patel Engineering joint venture was declared the lowest bidder for two micro irrigation projects worth Rs 1,265 crore in Madhya Pradesh and Karnataka. These orders are from the Water Resources Department of Government of Madhya Pradesh and Visvesvaraya Jala Nigam.