Patel Engineering touches roof on bagging contract worth Rs 2,461 crore from Chenab Valley Power Projects
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Patel Engineering is currently trading at its upper limit of Rs. 22.05, up by 1.05 points or 5.00% from its previous closing of Rs. 21.00 on the BSE.
The scrip opened at Rs. 21.80 and has touched a high and low of Rs. 22.05 and Rs. 21.45 respectively. So far 64726 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 34.95 on 30-Dec-2021 and a 52 week low of Rs. 13.15 on 20-May-2021.
Last one week high and low of the scrip stood at Rs. 23.70 and Rs. 20.75 respectively. The current market cap of the company is Rs. 1037.53 crore.
The promoters holding in the company stood at 54.62%, while Institutions and Non-Institutions held 15.41% and 29.98% respectively.
Patel Engineering has bagged Rs 2,461 crore contract for the works of Construction of Diversion Tunnel, Concrete Gravity Dam, Intake, Pressure Shafts, Underground Power House & Tailrace Tunnel (Lot 1) for Kwar HE Projects in District Kishtwar, J&K, India (Kwar HE Project).
The Kwar HE Project is being executed by Chenab Valley Power Projects, a Joint Venture of NHPC (a Govt of India Enterprise) & JKSPDC (a Govt of J&K Enterprise) (the Authority) to harness the vast hydro potential of river Chenab.
The Letter of Acceptance for the Contract is issued by the Authority and the works are scheduled to be completed in a period of 48 months as per the Contract terms. The company already has three ongoing projects in the nearby Vicinity in the J&K State with similar geological terrains which is an added advantage for execution of this new Project.
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.
