Patel Engineering jumped 7.35% to Rs 64.30 at 10:17 IST on BSE after the company said its consortium has emerged as the lowest bidder for the 1,000 megawatts Pakal DUL Hydroelectric Project.
The company made the announcement after trading hours on Thursday, 6 February 2014.
Meanwhile, the BSE Sensex was up 78.25 points, or 0.39%, to 20,388.99.
On BSE, so far 7.46 lakh shares were traded in the counter, compared with an average volume of 1.49 lakh shares in the past one quarter.
The stock hit a high of Rs 66 and a low of Rs 63.60 so far during the day. The stock hit a 52-week high of Rs 72.40 on 7 February 2013. The stock hit a 52-week low of Rs 27 on 6 August 2013.
The stock had outperformed the market over the past one month till 6 February 2014, rising 3.81% compared with the Sensex's 2.29% fall. The scrip had outperformed the market in past one quarter, rising 37.23% as against Sensex's 2.80% decline.
The small-cap company has an equity capital of Rs 6.98 crore. Face value per share is Re 1.
Patel Engineering announced that the company in consortium with Limak of Turkey and state-owned Bhel has emerged as the lowest bidder for the 1,000 megawatts (MW) Pakal DUL Hydroelectric Project, one of the largest hydropower project in the country.
The project 1000 MW (4 x 250 MW) hydropower project is being set up in the District of Doda, Jammu & Kashmir. The project is to be completed in 66 months and when completed will meet the annual energy generation for 90% dependable year is 3387.47 MU. Four parties participated in the bidding process wherein consortium of Patel Engineering and Limak of Turkey and Bhel quoted lowest price of Rs 8904 crore. Bids quoted by Samsung-Coastal-Alstom, Impregilo-Gammon JV and Soma-Song Da-Power Machines were much higher, the company said in a statement.
Chenab Valley Power Projects, a joint venture floated by NHPC, JKSPDC and PTC India had invited tenders to implement Pakal Dul Hydroelectric Project. The project consists of over 160m high concrete faced rock-fill dam, large size 20 km of head race tunnel by TBM and underground power house. Bhel shall design, manufacture and commission 4 x 250 MW francis turbine generator units. Pakal Dul Hydroelectric is one of the three major power projects to be constructed by J&K State Power Development Corporation, National Hydroelectric Power Corporation and Power Trading Corporation of India in joint venture under Chenab Valley Power Projects. As per the agreement reached between the partners the share of JKSPDC, NHPC and PTC in the company shall be in the ratio of 49:49:2 respectively and of the total power generated from the projects, the share of JK shall be 62%, the company said.
Meanwhile, Patel Engineering said it has bagged new construction projects amounting to Rs 1110 crore. The new projects bagged the company includes the Rs 473.31 crore EPC contract and allied construction work for the 37.5 MW (3X12.5 MW) Parnai Hydro Electric project of Jammu & Kashmir State Power Development Corporation (IKSPDCI).
The company said it has also bagged an Rs 66.64 crore construction work from the Metro Link Express for Gandhinagar & Ahmedabad (MEGA) Company for construction of retaining wall along the Sabarmati River bed. Other projects bagged by the company includes an Rs 307 crore irrigation project for Rapti Nahar Nirman Mandal -I, Irrigation Department, Balrampur, Uttar Pradesh. This project will be executed in joint venture with APCO. Further, the company has bagged an Rs 151.31 crore project for the construction of college administrative building for Indra Gandhi Institute of Medical Science in Patna. This project will be executed in joint venture with CICO. The company has also bagged a Rs 111.15 crore project in Bhilwara to construct offices for the Collectrate and Zilla Parishad.
Patel Engineering's works span tunneling, underground works for hydropower generation, irrigation and urban infrastructure projects. The company has established a significant international presence through its technology centric subsidiaries in US and has executed projects across Arabian Gulf, Sri Lanka, Nepal, and Bhutan. With its integrated service the company is well positioned to benefit from the government's planned investment in the infrastructure sector.
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