Patel Engineering jumps on getting LoA for Rs 525.36 crore contract with JV Partner in Telangana
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Patel Engineering is currently trading at Rs. 69.30, up by 1.22 points or 1.79% from its previous closing of Rs. 68.08 on the BSE.
The scrip opened at Rs. 70.63 and has touched a high and low of Rs. 71.50 and Rs. 68.84 respectively. So far 828701 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 79.00 on 06-Feb-2024 and a 52 week low of Rs. 13.80 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 74.99 and Rs. 65.20 respectively. The current market cap of the company is Rs. 5359.62 crore.
The promoters holding in the company stood at 39.41%, while Institutions and Non-Institutions held 8.42% and 52.16% respectively.
Patel Engineering (PEL), in collaboration with its joint venture (JV) partner, has been awarded the Letter of Acceptance (LoA) by the Irrigation & CAD Department, Government of Telangana for a contract valued at Rs 525.36 crore. This contract entails the construction of a Reinforced Cement Concrete (RCC) Protection Wall of 8.5 km each along both the right and left flanks of the Munneru River, stretching from Polepally to Prakashnagar in the city of Khammam, located in Khammam District.
Additionally, the contract includes the construction of embankments of 2 kilometers each on either side of the River Munneru near the Nagarjuna Sagar Left Bank Aqueduct in Khammam City, further emphasizing the project's comprehensive approach to enhancing the area's irrigation infrastructure and water management systems.
The awarded project signifies a key advancement in Telangana’s infrastructure and irrigation efforts. PEL’s involvement underscores its leadership in infrastructure projects, aiming to improve water management and support agriculture in Khammam District. With a 24-month completion goal, this project highlight’s PEL’s commitment to enhancing community welfare and environmental sustainability in collaboration with the government and local stakeholders.
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.
