Patel Engineering shares surge after JV bags project of Rs 317.60 crore

Patel Engineering

Patel Engineering share price rose nearly 5 percent in the early trade on August 6 after the company bagged an order worth Rs 317 crore from Government of Maharashtra.

At 09:23am, Patel Engineering Company was quoting at Rs 56.03, up Rs 2.52, or 4.71 percent, on the BSE.

"The Office of the Executive Engineer, Government of Maharashtra has awarded Patel Engineering Limited (PEL) along with its JV Partner a Rs 317.60 crore contract for the works involving construction of water lifting arrangement work for first stage from submergence of Jigaon project including civil, mechanical, electrical component & allied works," company said in exchange filing.

The company's share in the JV is 35 percent and the project is to be completed in a period of 24 months.

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The scope of work involves construction of water lifting arrangement work for LIS 1 to 12 of first stage from submergence of Jigaon project including approach channel, rising main, pumping machinery, switchyard and all allied works of civil, mechanical, electrical component.

"This undertaking not only underscores our technical capabilities but also reinforces our unwavering commitment to advancing critical infrastructure. We look forward to collaborating with the Government of Maharashtra and our partners to ensure the project's successful and timely completion, which will be instrumental in boosting agricultural productivity and enhancing water management in the region,” said Kavita Shirvaikar, Acting Managing Director, Patel Engineering.