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Shares of Mumbai-based Patel Engineering Ltd. will be in focus on Friday, April 25, as the company was declared the lowest bidder for two projects worth over ₹2,000 crore.
The total order value of ₹2,037 crore, is 55% of the company's market capitalisation, which stood at over ₹3,700 crore as of closing on Thursday.
The first order pertains to the construction of Kondhane Dam and its allied works, using Roller Compacted Concrete technology, from CIDCO
This project is located in the Karjat Taluka of Maharashtra and will have to be completed in the next 42 months.
Scope of works for this order includes civil works for the dam construction, having a length of 1,209 meters and 83 meters in height, along with its allied works.
Patel Engineering has also been declared as the lowest bidder for a Hydropower project worth ₹718 crore from the North Eastern Electric Power Corporation ltd. (NEEPCO).
The contract is for a 240 MW Hydro Electric Project in Arunachal Pradesh. The project is expected to generate 1,000 million units of energy annually and will improve power supply in the state.
This project is supposed to be completed in 44 months, Patel Engineering said in its filing.
Shares of Patel Engineering ended 1.5% higher on Thursday at ₹44.3. The stock is down significantly from its 52-week high of ₹74.4, but has risen 7% in the last one month.
