Patel Engg rises on Rs 3,859 cr project

DALAL STREET SPIKES

Shares of Patel Engineering spurted 9.7 per cent to Rs 179.2 after the company announced that it has won the largest irrigation project in India worth Rs 3,859 crore. The Andhra Pradesh governments’ Pranahita - Chevella lift irrigation project (package 6) was bagged by the company in consortium with Bhel and Navyuga Construction.

The project is to be executed in the next two years. The stock made an intraday high of Rs 192 and a low of Rs 168.5, with trading volumes of 3,65,366 shares (a three-fold increase from its two-week average). The scrip is up by 35 per cent in the last one week.