There is a buzz on the counter of Patel Engineering, with the stock price rising 6% to hit an intraday high at Rs.21.11 and is now trading at Rs.20 levels. Its 52-week high is at Rs.26.66.
The stock price rose after it announced today morning that, along with its JV, it has received an order for two Krishna Marathwada Irrigation in Osmanabad from Water Resources Department, Government of Maharashtra.
The bid of this JV was declared L1 (Lowest bidders) earlier. The company being 51% partner in a JV in Scheme 01 Project and 60% partner in a JV in Scheme 02 Project, its share in aggregate for these two projects is Rs. 451.28 crore.
The projects have to be delivered in 3 years.
These projects once completed, is expected to reduce problem of drought in the suicide-prone Marathwada region.