Patel Engineering is doing well today morning; the stock which had closed yesterday at Rs.56.11, opened slightly higher today at Rs. 56.90 and went on to hit a new 52-week high at Rs.58.54 and is currently trading near the high levels.

The stock price hit a new high after it announced that its JV was declared as the lowest bidder (L1) by

 Madhya Pradesh Jal Nigam, Govt. of Madhya Pradesh Undertaking.

The total contract size of the JV is at Rs.1275 crore and involves Engineering, Procurement, Construction, Testing, Commissioning, Trial Run and Operation & Maintenance for 10 Years of Narmada-Gambhir, District Ujjain & Indore Multi-Village Drinking Water Supply Scheme in a Single Package on ‘Turn-key Job Basis’.

The project is to be completed in a period of 24 months and further operations and maintenance for the whole scheme to be carried out for a period of 10 years.

The said project is located in Ujjain and Indore, Madhya Pradesh and the project is to be executed in a Joint Venture, of which Patel Engineering’s share is 35%, i.e. Rs. 446.36 crore.