Patel Engineering zooms on emerging as L1 for two irrigation projects
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Patel Engineering is currently trading at Rs. 15.00, up by 0.52 points or 3.59% from its previous closing of Rs. 14.48 on the BSE.
The scrip opened at Rs. 14.20 and has touched a high and low of Rs. 15.20 and Rs. 14.10 respectively. So far 777167 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. 13.10 on 27-Feb-2023.
Last one week high and low of the scrip stood at Rs. 16.70 and Rs. 14.10 respectively. The current market cap of the company is Rs. 1146.50 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) along with Joint Venture (JV) Partner has been emerged as L1 for two micro irrigation projects worth Rs 1,265 crore located in Madhya Pradesh and Karnataka from Water Resources Department, Government of Madhya Pradesh and Visvesvaraya Jala Nigam (VJNL). The Company's share in these orders is Rs 485 crore.
Water Resources Department, Government of Madhya Pradesh and Visvesvaraya Jala Nigam respectively have declared Patel Engineering as L1 for a Rs 998.75 crore contract for the works including survey, investigation, designing, and construction of SHER Dams (4 No. of Dams) with all ancillary works including rising / gravity main and pipe distribution network works in the State of Madhya Pradesh (Sher Irrigation Project)and a Rs 266.38 crore contract for the works including Survey, Design, Supply, Installation, Testing and Commissioning of Micro Irrigation System under Tumkur Branch Canal Package - III in the State of Karnataka (Tumkur Branch Canal project).
The works for Sher Irrigation Project are scheduled to be completed in a period of 60 months and further includes Management, Operation and Maintenance (MOM) for a period of 60 months after completion. The said Project is to executed in a Joint Venture, of which PEL’s share is 35%. Similarly, Works for Tumkur Branch Canal project are scheduled to be completed in 24 months post which the Company will undertake Operations and Maintenance works for a further period of 60 months. The said Project is to executed in a Joint Venture, of which PEL’s share is 51%.
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.
