Patel Eng rallies on orders

Patel Engineering is one big buzzing stock today; from its close of Rs.44.35, it has rallied 6-7% to hit an intraday high at Rs.48.22 and this is on the back of very strong volumes.

The stock price has rallied on news of its new order win. This is are two orders worth Rs.2037 crore.

One is Rs.718 crore from North East Electric Power for the 240 MW HEO Hydro Electric Project located in Arunachal Pradesh from NEEPCO. And the other is Rs.1319 crore order for construction of Kondhane Dam from CIDCO.

The company has been aggressively winning water tunnel and irrigation-related contracts. It is targeting over Rs.10,000 crore+ order book and gradual reduction of its around Rs.2400 debt through better cash flows and JVs.