Stock Report

Patel Engineering gets new order of Rs. 2461 crores

Posted On : 2022-05-13 22:16:04( TIMEZONE : IST )

Patel Engineering gets new order of Rs. 2461 crores

Patel Engineering, a Premier civil construction Company specialised in the hydropower sector, today announced that it has bagged a Rs. 2,461 crore contract for the works of "Construction of Diversion Tunnel, Concrete Gravity Dam, Intake, Pressure Shafts, Underground Power House & Tailrace Tunnel (Lot 1) for Kwar HE Projects in District Kishtwar, J & K, India" (Kwar HE Project).

The Kwar HE Project is being executed by Chenab Valley Power Projects Limited, a Joint Venture of NHPC Limited (a Govt of India Enterprise) & JKSPDC (a Govt of J & K Enterprise) (the Authority) to harness the vast hydro potential of river Chenab. Hon'ble Prime Minister laid the foundation stone of Kwar HE Project.

Kwar HE Project is a run-of-river scheme with a Concrete Gravity Dam located at District Kishtwar of J & K. The Project envisages construction of 109m high concrete gravity dam above deepest foundation across river Chenab of length 195m at top. Kwar HEP is a 540MW (4x 135 MW) project with estimate generation of 1975.54 MU (in a 90% dependable year).

The Letter of Acceptance for the Contract is issued by the Authority and the works are scheduled to be completed in a period of 48 months as per the Contract terms. The Company already has three ongoing projects in the nearby Vicinity in the J&K State with similar geological terrains which is an added advantage for execution of this new Project.

Shares of Patel Engineering Limited was last trading in BSE at Rs. 22.05 as compared to the previous close of Rs. 21.00. The total number of shares traded during the day was 70925 in over 433 trades.

The stock hit an intraday high of Rs. 22.05 and intraday low of 21.45. The net turnover during the day was Rs. 1549021.00.

Source : Equity Bulls


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