Patel Engineering Bags Irrigation Project, Shares Surge 6%
Patel Engineering’s shares soared by 6% on April 26 after it was awarded an irrigation project by the Maharashtra water resources ministry. The shares were trading at 3.9% higher at Rs 20.67 on the BSE at 10:17 am. In the past month alone, the stock has surged by almost 40%.
The civil construction firm, in collaboration with its joint venture partners, has been granted contracts for the Krishna Marathwada Irrigation Project’s Lift Irrigation Scheme 01 and 02 by the Government of Maharashtra’s water resources department, according to a regulatory filing. Scheme 01 Project’s JV has Patel Engineering as its 51% partner, while Scheme 02 Project’s JV has Patel Engineering as its 60% partner. The total contract value is Rs 841 crore, with Patel Engineering’s share being Rs 451.28 crore, according to the filing.
The project includes the investigation, design, construction, testing, and commissioning of civil and allied works under the lift irrigation Scheme 1 and Scheme 2 of the Krishna Marathwada Irrigation Project in Osmanabad, Maharashtra. Patel Engineering specialises in hydropower and irrigation infrastructure.
Kedia Securities, backed by renowned investor Vijay Kedia, held a 1.29% stake in Patel Engineering in the public shareholders’ category for the quarter that ended in December, according to the shareholding pattern. While promoters and domestic institutional investors have trimmed their holdings in the engineering firm, retail investors have been snapping up its stock.
About Patel Engineering:
Established in 1949, Patel Engineering Ltd. is a prominent infrastructure and construction services firm in India.
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