Patel Engineering advanced 1.53% to Rs 58.45 after the company announced that it has been declared as lowest bidder (L1) for a hydropower project of Rs 240.02 crore from NHPC.
The contract involves modification of diversion tunnel into tunnel spillway arrangement civil & hydro mechanical works for Package 6 - Teesta-V powerstation in Sikkim and it is to be completed within 18 months.The scope of work involves construction of the civil works of the tunnel spillway including construction adit, gate operation chamber and gate shaft, precast bridge, excess road, energy dissipation arrangement of tunnel spillway, dyke and tunnel for environment flow and its gate operation chamber.
Patel Engineering is a civil construction company that specializes in hydropower and irrigation projects.
The company's consolidated net profit rose 37.51% to Rs 53.49 crore despite a 1.52% fall in sales to Rs 1,101.66 crore in Q1 FY25 as compared to Q1 FY24.
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