Patel Engg zooms on projects worth Rs 448 cr

DALAL STREET SPIKES

The Patel Engineering scrip was up 5 per cent to Rs 236.50 as compared with its previous close of Rs 225.25 with 44,470 shares traded today on the BSE. The hike in the scrip price was after the company announced that it secured two projects worth Rs 448 crore.

One of the two orders that the company has received involves a value of Rs 336 crore for an irrigation project. The other order, worth Rs 110 crore, is for a railway tunnel project.

For the quarter ended June 2005, the company's net profit rose 93.6 per cent to Rs 11.29 crore and the net sales rose 77.3 per cent to Rs 189.81 crore.