New orders fire up Patel Engineering

DALAL STREET SPIKES

Patel Engineering stock was in limelight after the company announced  bagging a huge order. The stock in a subdued market was up 5 per cent to close at its upper limit of Rs 164.15. More 3,158 shares changed hands at the counter on BSE.

The company, a premier civil engineering construction company in the infrastructure segment, today announced that it has bagged two irrigation projects worth Rs 878 crore.

With these two projects, the company's pending order book position as on March 9, 2005, stands at Rs 3,171 crore. The stock has been in limelight and has surged on back of broad rally in construction stocks post-Budget.

Analysts said, the thrust on infrastructure spending over the next few years has boosted the sentiment towards construction and related stocks. The stock has in fact rallied since early January. Form a low of Rs 70, the scrip has rallied to today's close of Rs 164.15, a gain of 134 per cent.