Patel Engineering up 5% on emerging lowest bidder for project of Rs 240 cr

Patel Engineering stock gains: Shares of Patel Engineering rose sharply on September 20, 2024. The share surged up to 4.89 per cent to hit an intraday high of 60.39 per share. 

The rise in Patel Engineering share price came after the company said that it has bagged an order worth Rs 240.02 crore from NHPC. 

In an exchange filing, Patel Engineering said, “We are pleased to inform you that Patel Engineering Limited has been declared lowest Bidder (L1) for the works involving modification of diversion tunnel into tunnel spillway arrangement – civil and hydro mechanical works for Package 6 - Teesta-V Power Station, Sikkim.”

 

The project is located in the South District of Sikkim, and is expected to be completed in 18 months, the company revealed.

Under the order details, the company will be responsible for the construction of the civil works of the tunnel spillway including construction adit, gate operation chamber and gate shaft, precast bridge, excess road, energy dissipation arrangement of tunnel spillway, dyke and tunnel for environment flow and it’s Gate Operation Chamber (GOC). 

The company has vast experience working in North Eastern States. Currently, PEL is working on NHPC - TEESTA VI HEP (Lot-2), which is located near Singtam town - Sikkim, about 30km from the proposed project site. 

Established in 1949, Patel Engineering boasts a strong presence in hydropower, irrigation, tunnels and underground works for hydroelectric and dam projects. 

The company has a consistent track record in execution of projects in the domestic and international arena. It has completed over 85 dams, 40 hydroelectric projects and more than 300 km of tunnelling for clients which are mostly central PSUs or state government organisations.

The market capitalisation of Patel Engineering is Rs 5,021 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category.

At 1:24 PM, shares of Patel Engineering were trading 2.90 per cent higher at Rs 59.24 per share. In comparison, BSE Sensex was trading 1.54 per cent higher at 84,465.10 levels.