Patel Engineering shines as its JV declared as Lowest Bidder for urban infrastructure development project
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Patel Engineering is currently trading at Rs. 58.00, up by 1.89 points or 3.37% from its previous closing of Rs. 56.11 on the BSE.
The scrip opened at Rs. 56.90 and has touched a high and low of Rs. 58.54 and Rs. 56.86 respectively. So far 472024 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 58.54 on 22-Aug-2023 and a 52 week low of Rs. 13.10 on 27-Feb-2023.
Last one week high and low of the scrip stood at Rs. 58.54 and Rs. 51.35 respectively. The current market cap of the company is Rs. 4340.77 crore.
The promoters holding in the company stood at 39.41%, while Institutions and Non-Institutions held 11.63% and 48.95% respectively.
Patel Engineering (PEL) in a Joint Venture (JV) has been declared as Lowest Bidder (L1) by Madhya Pradesh Jal Nigam, Government of Madhya Pradesh Undertaking for Rs 1,275.30 crore contract for the works involving Engineering, Procurement, Construction, Testing, Commissioning, Trial Run and Operation & Maintenance for 10 Years of Narmada-Gambhir, District Ujjain & Indore Multi-Village Drinking Water Supply Scheme in a Single Package on ‘Turn-key Job Basis’.
The project is to be completed in a period of 24 months and further operations and maintenance for the whole scheme to be carried out for a period of 10 years. The said project is located in Ujjain and Indore, Madhya Pradesh and the project is to be executed in a Joint Venture, of which PEL’s share is 35%, i.e Rs 446.36 crore.
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.
