Patel Engineering is very much in the news today morning; the stock rose over 3.5% to an intraday high at Rs.15.39 and currently remains strongly in the green. Its 52-week high is at Rs.26.80 and low is at Rs.13.10.
The stock price rose after the civil construction company, specializing in hydropower and irrigation sector, said that the company along with the JV Partner, has received Letter of Acceptance for Tumkur Branch Canal (Package V) Micro Irrigation Project from Visvesvaraya Jala Nigama Limited (VJNL), which was declared as L1 earlier.
The company is a 51% partner in the JV and its share in the project is Rs. 281 crore.
This EPC project on a turnkey basis is located in Upper Bhadra Project, which is a major lift irrigation Scheme under implementation in the central region of Karnataka State.
The project is to be delivered in 24 months.