Introduction
Patel Engineering Limited Company’s shares rally on lowest bid announcement for a project worth Rs 249.96 crore
Patel Engineering Share Price
Shares of Patel Engineering Limited Company were trading in upper circuit in Friday trading session. During the day, the shares of this company had reached a price of Rs 55.40 with an increase of 5 percent.
Detailed details
Patel Engineering Company has formed a joint venture with Krishna Khore Vikas Mahamandal to acquire the project, in which the company’s share is 40 percent i.e. Rs 99.98 crore. The project envisages the construction of a 66 to 76 km pipeline distribution network for the Neera Deoghar right bank main canal. A deadline of 30 months has been given to complete this project.
This project is located from Waghoshi to Kapadgaon in Khandala Taluka of Satara District in Maharashtra. In September 2023, Patel Engineering Limited Company along with its JV was awarded an infrastructure development project worth Rs 1,275.30 crore by the Madhya Pradesh Jal Nigam. These contracts were issued to be awarded in August 2023.
Patel Engineering Company to their joint venture for the civil works of Lot-4 was also entrusted by NHPC Limited to complete the multinational project. The company’s share in this project is Rs 1,818.56 crore. Patel Engineering Limited Company has been selected to undertake all the engineering, procurement, construction, testing, commissioning trial run and operation and maintenance work under the initiative of the Government of Madhya Pradesh. For this, the company has been awarded a contract worth Rs 1,275.30 crore for a period of 10 years. The actual share of Patel Engineering Limited Company in this project will be 35 percent i.e. Rs 446.36 crore.
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News Title
Patel Engineering Share Price today on 16 September 2023.
