Patel Engineering stock rises on bagging Rs 3,637-crore order with JV partner

On March 22, the company, in a joint venture, also bagged a Rs 511-crore order for Tumkur Branch Canal Micro Irrigation Project in Karnataka

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Patel Engineering stock price was up 2 percent in the afternoon trade on March 23 after the company in a 50-50 joint venture emerged as the lowest bidder for a project worth Rs 3,637 crore.

Patel Engineering emerged as L1 bidder for tenders invited by NHPC Limited for the construction of civil works for LOT?4 for “head race tunnels” for Dibang Multipurpose Project 2880 MW (12 X 240 MW) in Arunachal Pradesh, the company said in a BSE filing.

“The said project is to be executed in a period of 86 months. The project is to be executed in a joint venture, of which Patel Engineering’s share is 50 percent,” it added.

At 13.15 pm, Patel Engineering Company was quoting at Rs 15.27, up Rs 0.26, or 1.73 percent, on BSE. It touched an intraday high of Rs 15.90 and an intraday low of Rs 14.88.

The scrip was trading with volumes of 1,246,341 shares, compared to its five-day average of 539,979 shares.

On March 22, the company,  along with a JV partner, also bagged a Rs 511 -crore order for Tumkur Branch Canal Micro Irrigation Project from Visvesvaraya Jala Nigama Limited in Karnataka. The company’s share in the project is Rs 281.07 crore, being a 51 percent partner in the JV, it said in a stock exchange filing.