Patel Engineering surges as JV wins orders worth Rs 2,377 crore

The stock surged 16% to Rs 58 on the BSE on back of heavy volumes.

Patel Engineering has surged 16% to Rs 58 on the BSE after the company announced that the joint venture company secured orders worth of Rs 2,377 crore from IRCON International.

“The company along with AGE Construction and Trading Inc, a Turkish company, has secured orders worth of Rs 2,377 crore in the name of AGE-Patel Joint Venture. The company’s share in the joint venture is 49%,” Patel Engineering said in a statement.

The contract worth of Rs 1,722 crore is for the construction of tunnel T-15, part tunnel T-14 including bridge no. 61 on Katra-Banihal section in Udhampur-Srinagar- Baramulla New BG railway line project, Patel Engineering said in statement.

The contract worth Rs 655 crore is for the construction of tunnel T-2 on Katra-Banihal section in Udhampur-Srinagar- Baramulla New BG railway line project, it added.

At 10:23 am, the stock was up 11% to Rs 55.80 on the BSE. The trading volumes on the counter jumped an over seven-fold and a combined 1.31 million shares changed hands on the BSE and NSE.