Patel Engineering bags order worth ₹511 Cr along with JV Partner
1 min read 22 Mar 2023, 10:23 PM ISTWith a market worth of ₹1,161.20 Cr, Patel Engineering Ltd. is a small-cap company with operations in the industrial and construction sectors.
PremiumWith a market worth of ₹1,161.20 Cr, Patel Engineering Ltd. is a small-cap company with operations in the industrial and construction sectors. One of India's leading providers of infrastructure and construction services is Patel Engineering Ltd., established in 1949. In a statement released today, the company and the JV Partner claimed an order worth ₹511 crore.
The civil construction company that specialises in irrigation and hydropower announced today that Visvesvaraya Jala Nigama Limited (VJNL), which had previously been designated as L1, had given the company and its joint venture partner a letter of acceptance for the Tumkur Branch Canal (Package V) Micro Irrigation Project. Being a 51 percent participant in the JV, the company's portion of the project is worth ₹281.07 crore.
“The Micro Irrigation System project comprises of “Survey, Design, Supply, Installation, Testing and Commissioning comprising gravity bulk feeders, construction of a Sump cum Pump house, Supply & Installation of Pumping Machineries, Terminal Bay, Electrical Substation, Electric Power Line, besides other appurtenant works such as construction of a Pipe Distribution Network and Drip Irrigation System including SCADA and Automation to cover an area of 15,090.21 Ha," said Patel Engineering in a stock exchange filing.
The value of the contract is worth Rs. 551.11 crore and the time period has been set as 24 months. Part of the Upper Bhadra Project, which is a major lift irrigation Scheme under implementation in the central region of Karnataka State will be the location for implementing the order. The type of contract is EPC Turnkey Basis.
The shares of Patel Engineering Limited closed today on the BSE at ₹15.01 apiece level, up by 1.01% from the previous close of ₹14.86. The stock recorded a total share volume of 5,22,118 shares and a deliverable share volume of 1,94,029 shares. In the last 1 year the stock has fallen 31.42% and on a YTD basis it has fallen 14.91% so far in 2023. The stock touched a 52-week-high of ₹26.80 on (07/04/2022) and a 52-week-low of ₹13.10 on (27/02/2023). During Q4FY23, the company recorded a promoter shareholding of 39.41% and a public stake of 55.79%.
