26 Mar 2024 , 03:16 PM
Patel Engineering Company Ltd (PEL) shares rose by over 2% following the announcement of being declared the lowest bidder for a ₹525.36 crore project in Telangana.
The Irrigation and CAD Department of the Government of Telangana designated Patel Engineering Ltd and its Joint Venture (JV) partner as the L1 bidder for the construction project.
The project is slated for completion within 24 months from the contract award date, as mentioned in the company’s filing to the stock exchanges.
After the news, Patel Engineering shares reached an intraday high of ₹73.43, marking a gain of 2.62% on the BSE. However, by 2 pm, the stock retreated from its peak, trading 0.38% lower at ₹71.28. At the time of writing today, the stock is trading at ₹70.05, which is a -1.13% dip from the previous close.
Patel Engineering and its JV partner will jointly execute the project, with Patel Engineering holding a 51% stake in the JV entity. The contract specifications include the construction of an 8.5 km RCC Protection Wall along the Munneru river flanks and a 2 km Embankment on either side of River Munneru near Nagarjuna Sagar Left Bank Aqueduct in Khammam.
Patel Engineering, established in 1949, is a 74-year-old company specializing in tunnels and underground works for hydroelectric and dam projects.
The company has extensive experience across various sectors in the infrastructure industry, covering dams, tunnels, micro-runnels, hydroelectric projects, irrigation projects, highways, roads, bridges, railways, refineries, real estate, and townships.
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