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Patel Engineering rises on getting declared L1 bidder for project in Karnataka
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Patel Engineering is currently trading at Rs. 13.80, up by 0.10 points or 0.72% from its previous closing of Rs. 13.80 on the BSE.
The scrip opened at Rs. 13.90 and has touched a high and low of Rs. 14.15 and Rs. 13.80 respectively. So far 482763 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 26.80 on 07-Apr-2022 and a 52 week low of Rs. 13.55 on 20-Feb-2023.
Last one week high and low of the scrip stood at Rs. 15.20 and Rs. 13.55 respectively. The current market cap of the company is Rs. 1067.59 crore.
The promoters holding in the company stood at 39.12%, while Institutions and Non-Institutions held 16.88% and 44.01% respectively.
Patel Engineering (PEL) has been declared L1 by City and Industrial Development Corporation (CIDCO) and Visvesvaraya Jala Nigam (VJNL) for works including design and construction of a long treated water tunnel from Sai Village to Vindhane Village in Raigad District and for Survey, Design, Supply, Install, Test and Commission a Micro Irrigation System under Tumkur Branch Canal in the state of Karnataka.
The Micro Irrigation project with a total value of Rs 470.67 crore is to be executed with a JV partner, of which PEL’s share in the new order is worth Rs 240.04 crore while the Water Tunnel Project worth Rs 555.83 crore is going to executed without any joint venture partnership.
Majority of the Company’s order book comprises of projects which are awarded by Central / State Governments or other Government undertakings/ Public Sector Undertakings. The Micro Irrigation System project comprises of gravity bulk feeders, construction of a Sump cum Pump house, Electrical Substation, Supply and Installation of Pumping Machineries besides other appurtenant works such as construction of a Pipe Distribution Network and Drip Irrigation System using SCADA and Automation to cover an area of 15,090.21 Hectares while the Water Tunnel Project looks to cover a distance of 6.70 kms.
Patel Engineering provides a wide range of civil engineering services involved in design and construction of power projects, hydroelectric projects, commercial building, industrial complexes, dams, tunnels, underground structures, steel and concrete structures, bridges, marine works, flyovers and national highways in India and abroad.
