Patel Engineering's Shares Soar on Winning Major Madhya Pradesh Project

22 Aug 2023 , 02:28 PM

Patel Engineering’s shares went up by 3 % to reach Rs 58.54, a 52-week high on August 22. The rise followed a successful joint venture securing an urban project supported by Madhya Pradesh Jal Nigam. Patel Engineering won as the lowest bidder for a Rs 1,275.30-crore project, covering engineering, construction, testing, and maintenance: The project is for a 10-year water supply scheme in Narmada-Gambhir, District Ujjain, and Indore.

Everything is included, from setup to operation and maintenance. The Madhya Pradesh government recognized Patel Engineering’s strong bid in the joint venture. Patel Engineering’s share in the project is 35 %, or Rs. 446.36 crore, with a timeline of 24 months. The project area covers Ujjain and Indore in Madhya Pradesh.

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