Patel Engineering (PEL) share price down marginally in the early trade on February 18 following the company declared lowest Bidder (L1) for a project worth Rs 1,090 crore.
At 09:23am, Patel Engineering Company was quoting at Rs 44.38, down Rs 0.14, or 0.31 percent, on the BSE.
Maharashtra Krishna Valley Development Corporation, Pune has declared the company along with its JV partner, as L1 for a Rs 1,090.45 crore contract for the works involving construction of pipe line distribution network for Nira Deoghar Right Bank Main Canal Km 87 to Km 135 and its Distributaries, Minors offtaking between Km 65 to Km 135.
The project is to be completed in a period of 36 months.
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The said project is located in the state of Maharashtra, Village – Kalaj, Taluka - Phaltan, District – Satara and the project is to be executed in a Joint Venture, of which PEL’s share is 20%.
The scope of works includes construction of pipe distribution network involving excavation & refilling for pipe trenches, structures providing, supplying, jointing, lowering, laying of pipes, various types of valves, chambers and outlets, testing Pipeline with all valves, outlets, etc. with an operations, repairs and maintenance period for 5 years after completion of works.
The share touched a 52-week high of Rs 74.99 and a 52-week low of Rs 42.51 on 27 February, 2024 and 12 February, 2025, respectively.
Currently, the stock is trading 40.82 percent below its 52-week high and 4.4 percent above its 52-week low.
The share price declined more than 30 percent in the last 1-year.
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