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Here's why Patel Engineering share price rose 3% in trade today; details
However, by 12:40 PM, Patel Engineering shares were off day's high, and were trading 1 per cent higher at ₹42.28 per share. In comparison, BSE Sensex was trading 0.59 per cent higher at 82,199.25 level.
What lifted Patel Engineering's share price today?
Patel Engineering share price rose after announcing that it, along with its joint venture (JV) partner, has secured a contract worth ₹958.33 crore from the Maharashtra Krishna Valley Development Corporation, Pune.
The project involves the construction of a Pipeline Distribution Network for the Nira Deoghar Right Bank Main Canal, covering KM 87 to KM 135, including distributaries and minors between KM 65 and KM 135. PEL was previously declared the L1 (lowest) bidder for the project.
Located in Kalaj village, Phaltan Taluka, Satara district in Maharashtra, the project is expected to be completed in 36 months.
Patel Engineering holds a 20 per cent stake in the JV executing the work, the company revealed, in a statement.
Under the terms of the deal, the JV's work includes excavation and refilling for pipeline trenches, supply and laying of pipes, installation of valves, chambers, outlets, and comprehensive testing.
'We are pleased to have been awarded this project by the Maharashtra Krishna Valley Development Corporation. This project represents a significant step forward in enhancing irrigation infrastructure in the region and will play a crucial role in improving agricultural productivity and water management efficiency. At Patel Engineering Ltd., we view this as more than just a construction project—it is a long-term investment in the prosperity of rural communities and the resilience of our agricultural ecosystem,' said Kavita Shirvaikar, managing director, Patel Engineering.
Last week, Patel Engineering announced that North Eastern Electric Power Corporation (NEEPCO) has awarded a contract valued at ₹711.29 crore to the company for the construction of the 240 MW HEO Hydropower Project located in Arunachal Pradesh under EPC Mode.
About Patel Engineering
The company has built a solid reputation for successfully executing projects both in India and abroad. Over the years, PEL has completed more than 85 dams, 40 hydroelectric projects, and over 300 kilometers of tunnelling, primarily for central public sector undertakings and various state government agencies.
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