Patel Engineerin rises on securing Rs 1,251 crore contract for Teesta-VI hydro-electric project

Patel Engineering 8.79% to Rs 17.95 after the company bagged Rs 1,251 crore, lot-II civil work contract for 500 MW Teesta-VI Hydro Electric Project, Sikkim, from Lanco Teesta Hydro Power, a wholly owned subsidiary of NHPC.

The project is located at South Sikkim District in Sikkim, India, the company said.

The Package includes balance civil works for underground power house & transformer cavern, part of HRT-I & HRT-II, surge shafts, pressure shafts & adits, TRT and other associated structures, etc. of 500 MW Teesta-VI Hydro Electric Project located near village Subin Khore, South Sikkim, India, which is about 67 kms from Siliguri, the nearest major town.

Following the news announcement, the counter saw surge in volumes. On the BSE, over 7.15 lakh shares were traded in the counter so far compared with average daily volumes of 3.92 lakh shares in the past two weeks. The stock hit a high of Rs 18.8 and a low of Rs 16.4 so far during the day.

Patel Engineering Company specializes in tunneling, underground works for hydropower generation, irrigation and urban infrastructure projects. It is the only Indian Company with experience in RCC, micro Tunneling and double take tap work. It has established a significant international presence and has executed projects across Arabian Gulf, Sri Lanka, Nepal, Bhutan, etc.

The company reported a consolidated net loss of Rs 0.45 crore in Q1 FY22 as against a net loss of Rs 41.89 crore in Q1 FY21. Net sales increased 141.36% to Rs 666.25 crore in the quarter ended June 2021 as against Rs 276.04 crore during the previous quarter ended June 2020.

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