Shares of Patel Engineering were trading 1 percent lower at Rs 57.41 in early trade on September 6. The company, along with its JV Partner, has received a letter of award for an urban infrastructure development project of Rs 1,275.30 crore from Madhya Pradesh Jal Nigam, which was declared as L1 earlier.
The company's share in the project - being a 35-percent partner in the JV - is Rs 446.36 crore.
Catch all market action in our live blog
Projects win in August
Patel Engineering and its JV partner had received a letter of award for Dibang Multipurpose Project for the construction of civil works for Lot-4 from NHPC Limited. The company's share in the contract is Rs 1,818.56 crore.
The Government of Madhya Pradesh Undertaking declared Patel Engineering as the lowest bidder in a joint venture (JV) deal for a Rs 1,275.30-crore contract for engineering, procurement, construction, testing, commissioning, trial run, and operation and maintenance for 10 years for the Narmada-Gambhir, District Ujjain, and Indore multi-village drinking water supply schemes 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 share touched a 52-week high of Rs 62.11 and a 52-week low of Rs 13.10 on 30 August, 2023 and 27 February, 2023, respectively.
Currently, the stock is trading 7.57 percent below its 52-week high and 338.24 percent above its 52-week low.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
