Shares of Patel Engineering surged up over 4% to hit a new 52-week high of ₹58.80. Vijay Kedia‘s Kedia Securities owns a 1.68% stake in the company.
What Happened: The surge today comes as the company announced emerging as the lowest bidder for a government project. The company in a statement on Tuesday revealed that Madhya Pradesh Jal Nigam has declared the Mumbai-based infrastructure company as L1 in a Joint Venture for the ₹1,275.30 crore project.
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The contract involves the Engineering, Procurement, Construction, Testing, Commissioning, Trial Run and Operation & Maintenance for 10 Years of Narmada-Gambhir Drinking Water Supply Project.
The project is to be completed in a period of two years and further operations and maintenance
for the whole scheme to be carried out for a period of 10 years. The said project is located in Ujjain and Indore, Madhya Pradesh and the project is to be executed in a Joint Venture, of which PEL's share is 35%, i.e. ₹446.36 crore.
Price Action: Patel Engineering’s share price was up 3.57% to trade at ₹58 in early trade on Tuesday.
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