The announcement was made during trading hours on Tuesday, 9 March 2010, when the stock had closed marginally lower at Rs 443.65
Meanwhile, the BSE Sensex was up 51.93 points, or 0.30%, to 17,104.47.
On BSE, 63,748 shares were traded in the counter as against an average daily volume of 59,913 shares in the past one quarter.
The stock hit a high of Rs 459 and a low of Rs 444.20 so far during the day. The stock had hit a 52-week high of Rs 526 on 25 September 2009 and a 52-week low of Rs 103.15 on 12 March 2009.
The stock had underperformed the market over the past one month till 9 March 2010, rising 4.68% compared with the Sensex's 6.30% rise. It underperformed the market in past one quarter, falling 3.74% as against 0.42% decline in the Sensex.
The mid-cap engineering company has an equity capital of Rs 6.98 crore. Face value per share is Rs 1.
The current price of Rs 452.55 discounts the company's Q3 December 2009 annualised EPS of Rs 17.18, by a PE multiple of 26.34.
The land acquisition for company's Tamil Nadu power project is complete, while other permissions like environmental clearance for the same project are in place, the company said in a statement.
Patel Engineering's net profit rose 13.5% to Rs 29.98 crore on a 31.3% rise in sales to Rs 416.30 crore in Q3 December 2009 over Q3 December 2008.
Patel Engineering designs and constructs power houses, hydroelectric projects, commercial buildings, industrial complexes, dams, tunnels, underground structures, steel and concrete structures, bridges, marine works, flyovers and national highways in India and abroad.