Patel Engineering share price: Patel Engineering, a construction company in the stock market, has received an order for a hydropower project from the public sector company NHPC in Sikkim. This order is worth Rs 240 crore. Amidst this order, investors rushed to Patel Engineering shares on Friday. On the last trading day of the week, the stock rose by more than 3 percent to reach the level of Rs 60. Let us tell you that the 52-week high of the stock is Rs 79. In October 2023, the share price was Rs 41.99. This was the 52-week low level.
Order details
Patel Engineering informed the stock exchange that the latest project will be completed within a time frame of 18 months. According to the company information, NHPC Limited has awarded Patel Engineering a contract of Rs 240.02 crore for works (civil and hydro mechanical) related to converting the ‘diversion tunnel’ into ‘tunnel spillway’ system for the Teesta-V power station in Sikkim.
Let us tell you that Patel Engineering has a strong presence in irrigation, tunnels and underground works for hydropower and dam projects.
Order was received from Maharashtra Government
Last month, Patel Engineering in partnership with its JV partner bagged a Rs 317.60 crore contract from the office of the executive engineer, government of Maharashtra. The contract covers construction of water-lifting system for the first phase of the Jigaon project, which includes civil, mechanical, electrical and allied works.
How were the June quarter results
The company reported a growth of nearly 26 per cent year-on-year in profit for the April-June 2024 quarter, reaching Rs 48.17 crore. It was Rs 38.29 crore in the same period last year. However, revenue from operations saw a marginal decline of 1.52 per cent to Rs 1101.66 crore. Revenue in the same quarter of the year 2023 was Rs 1,118.61 crore.