Patel Engineering gains on bagging order

Patel Engineering rose 1.45% to Rs 11.16 after the company announced that it had bagged a Rs 1,564.42 crore Subansiri Lower Hydro Electric Project (2,000 MW) in Arunachal Pradesh.

Subansiri Lower Hydro Electric Project is having installed capacity of 2000 MW which will be a single largest hydro power generation project in India.

"Patel Engineering has been able to get this project and even mobilize the same during this Covid-19 Pandemic. The project is located at Village Kolaptukar in Kamle district of Arunachal Pradesh," the company said in a BSE filing made during market hours today.

The project comprises of balance civil works of power house complex including HRT intake structures, tail race channel, etc.

The scrip surged as much as 16.9% to hit the day's high of Rs 12.86 today.

Patel Engineering's work spans tunneling, underground works for hydropower generation, irrigation and urban infrastructure projects.

On a consolidated basis, the civil construction company reported a consolidated net loss of Rs 41.89 crore in Q1 FY21 as compared to a net profit of Rs 42.18 crore in Q1 FY20. Net sales during the quarter slumped 58.2% YoY to Rs 276.04 crore.

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