Patel Engineering soars on inking MoU with Ircon International
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Patel Engineering is currently trading at Rs. 54.91, up by 0.50 points or 0.92% from its previous closing of Rs. 54.41 on the BSE.
The scrip opened at Rs. 55.10 and has touched a high and low of Rs. 56.27 and Rs. 54.80 respectively. So far 144423 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. 41.99 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 56.27 and Rs. 53.65 respectively. The current market cap of the company is Rs. 4681.22 crore.
The promoters holding in the company stood at 36.11%, while Institutions and Non-Institutions held 9.90% and 53.99% respectively.
Patel Engineering has signed a Memorandum of Understanding (MoU) with Ircon International for collaboration and co-operation with each other to explore, identify, pursue and jointly execute mutually beneficial business opportunities in various infrastructure projects in India and overseas. The company has signed MoU on October 16, 2024.
Earlier, the company had been declared lowest bidder (L1) for Rs 240.02 crore contract for the works involving modification of diversion tunnel into tunnel spillway arrangement - Civil & Hydro Mechanical works for Package 6 - TEESTA-V POWER STATION, Sikkim from NHPC.
Patel Engineering is one of the most integrated infrastructure and construction services conglomerates in India.
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