Patel Engineering spurts on new orders

Patel Engineering rose almost 17.5% to Rs.51.35 and continues to remain firmly in the green. Its 52-week high is at Rs.96.05.

The stock price has jumped up after the company announced bagging two hydro projects Rs 1793.50 crore and a tunnel project worth Rs 618.21 crore.

One hydro project tunnel order is from Tamil Nadu, for construction of Kundah Pumped Storage Hydro Electric Project (500 MW) near Oooty, costing Rs. 668 crore, funded by Rural Electrification Corporation (REC).

The second hydro project of 900 MW is in Nepal and executed through a wholly owned subsidiary of Satluj Jalvidyut Nigam. The Civil work is divided into two lots, the Company has been awarded LOT-2 where work includes construction of head race tunnel; underground power house, pressure shaft, surge shaft and other connected structures with contract value of Rs.1126 crore. This is one of the biggest FDI proposal for Nepal i.e. INR 5700 Cr.

The tunnel project is in Mumbai, for construction of tunnel from Amar Mahal to Trombay. This contract is valued at Rs.618 crore.