Patel Engineering rallies on bagging over Rs 1,000 crore contracts

The company also in consortium with Limak of Turkey and state-owned BHEL has emerged as the lowest bidder for the 1,000 MW Pakal DUL Hydroelectric Project.

Patel Engineering has rallied 9% to Rs 65.20 on BSE after the company said it has bagged new construction projects amounting to Rs 1,110 crore.

The new projects bagged by the company includes the Rs 473 crore EPC contract and allied construction work for the 37.5 MW (3*12.5MW) Parnai Hydro Electric Project of Jammu and Kashmir State Power Development Corporation.

Meanwhile, the company said that the company in consortium with Limak of Turkey and state-owned BHEL has emerged as the lowest bidder for the 1,000 MW Pakal DUL Hydroelectric Project. One of the largest in India, the project would cost nearly Rs 9,000 crore, Patel Engineering said in a statement.

Of the three construction partners, Patel Engineering, a civil construction company focused on the hydropower sector, will design the project, construct a rock-fill dam, a 20km tunnel and also take care of other civil works. Limak will help in the construction of the rock-fill dam and BHEL will design, manufacture and commission the four turbine generator units of 250MW each.

The stock opened at Rs 64 and touched high of Rs 66 on the BSE. Till 0945 hours, a combined nearly 3 million shares have already changed hands on the counter against an average sub one million shares that were traded daily in past two weeks on the BSE and NSE.