Patel Engineering surges 6% on bagging irrigation initiatives
Shares of Patel Engineering surged 6 % on April 27 after the corporate bagged an irrigation challenge from the Maharashtra water assets ministry.
At 10:17am, the shares had been buying and selling % 3.9 greater at Rs 20.67 on the BSE. The inventory has rallied near 40 % prior to now one month.
The corporate, together with its three way partnership companions, have obtained contracts for the Krishna Marathwada Irrigation Mission – Carry Irrigation Scheme 01 and 02 from the water assets division of the Authorities of Maharashtra, the corporate stated in a regulatory submitting.
Patel Engineering being 51 % companion in a JV in Scheme 01 Mission and 60 % companion in a JV in Scheme 02 Mission, its share in combination for these two initiatives is Rs 451.28 crore, it stated.
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The whole worth of contracts is Rs 841 crore and the order is for investigation, design, building, testing, commissioning of works comprising civil and allied works below the raise irrigation Scheme 1 and Scheme 2 of the Krishna Marathwada Irrigation Mission, Osmanabad, Maharashtra.
Patel Engineering is a civil building firm which specialises in hydropower and irrigation sector.
The shareholding sample for the quarter ended December confirmed Kedia Securities, which is backed by marquee investor Vijay Kedia, proudly owning 1.29 % stake in Patel Engineering below public shareholders.
Promoters and home institutional traders have been trimming their stake within the engineering firm, whereas retail traders lapping up the inventory.