Patel Engineering Ltd emerges L1 for Rs. 202.30 crore contract

Maharashtra Krishna Valley Development Corporation, Pune has declared a Mumbai based infrastructure company, Patel Engineering Limited ("Company" or "PEL") as L1 for a Rs. 202.30 crore contract for the works involving Construction of Pipe Line Distribution Network for Nira Deoghar Right Bank Main Canal Km 77 to Km 87.

The project is to be completed in a period of 30 months.

The said project is located in the state of Maharashtra, Village -Kapadgaon to Kalaj, Taluka - Phaltan, District - Satara and the project is to be executed in a Joint Venture, of which PEL's share is 40%.

The said project is in addition to the previous package announced yesterday received from Maharashtra Krishna Valley Development Corporation. Total combined value of the two packages is 452.26 crores and our share in these two projects is 180.90 crores.

Shares of Patel Engineering Limited was last trading in BSE at Rs. 52.80 as compared to the previous close of Rs. 50.29. The total number of shares traded during the day was 723871 in over 737 trades.

The stock hit an intraday high of Rs. 52.80 and intraday low of 50.00. The net turnover during the day was Rs. 38108110.00.

Source : Equity Bulls

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