Patel Engineering skyrockets ~5% on bagging order worth Rs 519.50 crore

5 Jun 2023 , 12:42 PM

Patel Engineering Limited informed that it has received a Letter of Acceptance LOA from City and Industrial Development Corporation (CIDCO) for building a 6.70 km long treated water tunnel associated works between Sai Village to Vindhane Village in Raigad District, Maharashtra.

The company said that it will execute the water tunnel project worth Rs 519.50 crore without any joint venture partnership.

The company’s robust track record of executing similar projects played a crucial role in clinching this order.

According to the bid, the long-treated water tunnel and related works are expected to be completed in 60 months.

The company’s expertise in tunnelling, underground works for hydroelectric, and infrastructure development positions them well to complete the project on time.

The company stated in its media release that it will prioritize quality with technological capabilities, excellence, and environmental sustainability throughout the project.

Following this development, Patel Engineering’s counter jumped 4.84% at Rs 27.10, against the previous close of Rs 25.85 on NSE.

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