Shares of Patel Engineering Ltd surged 4% on Tuesday, 6 Might, after the corporate introduced securing one other order from CIDCO, its second order win in two weeks.
In its regulatory submitting, the corporate mentioned that they’ve obtained a Rs 1,318.89 crore contract from the Metropolis and Industrial Improvement Company of Maharashtra (CIDCO) to assemble the Kondhane Dam.
Beforehand, the corporate had been designated the bottom bidder on the job.
This undertaking covers civil works for the development of the Kondhane Dam. The dam might be 1209 metres lengthy and 83 metres excessive.
Moreover, the settlement consists of related works in addition to Hydro Mechanical and Electrical works, reminiscent of three radial gates, electrical and handbook gate management, and different electrification tasks.
The undertaking is scheduled to be accomplished in 42 months and is located at Village Kondhane, Taluka Karjat, District Raigad, Maharashtra.
Patel Engineering was beforehand awarded the bottom proposal for a Rs 718 crore hydropower undertaking by North Jap Electrical Energy Company ltd. (NEEPCO).
This contract was for a 240-MW hydropower plant in Arunachal Pradesh. The undertaking is projected to generate 1,000 million models of electrical energy per yr whereas additionally enhancing the state’s energy provide.
On 25 April, the enterprise was recognized because the lowest bidder for the Kondhane Dam undertaking.
At 1:03 pm, the shares of Patel Engineering had been buying and selling 0.23% larger at Rs 43.10 on NSE.
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