Patel Engineering shares gained 3 percent to hit a 52-week high of Rs 58.54 in early trade on August 22 after a joint venture bagged an urban infrastructure development project from Madhya Pradesh Jal Nigam.
The Government of Madhya Pradesh Undertaking declared Patel Engineering as the lowest bidder in a joint venture (JV) deal a for Rs 1,275.30-crore contract for engineering, procurement, construction, testing, commissioning, trial run and operation and maintenance for 10 years of Narmada-Gambhir, District Ujjain and Indore multi-village drinking water supply scheme in a single package on a turn-key basis.
The company's share in the contract is 35 percent, or Rs. 446.36 crore, for the project, which has a timeframe of 24 months. The project is located in Ujjain and Indore, Madhya Pradesh.
The company in the quarter ended June 2023 posted a 5 percent jump in its net profit at Rs 43.40 crore, while its revenue increased 14.86 percent to Rs 1,118.61 crore.
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