Shares of Patel Engineering Ltd. gained 7% on Friday after it tied up with Rail Vikas Nigam Ltd. to jointly execute hydro and other infrastructure projects both within India and internationally.
The memorandum of understanding signed on Thursday involves joint project execution, which combines Patel Engineering's extensive infrastructure experience with RVNL’s expertise in rail and transport infrastructure, the company said in an exchange filing.
The companies will have the flexibility to participate in tenders and project bids either jointly or separately. When bidding together, both entities will align on the bidding strategy, structure, and terms of the collaboration, ensuring a unified approach to project execution, it said.
Patel Engineering has completed over 85 dams, 40 hydroelectric projects, and more than 300 km of tunnelling for clients, which are mostly central PSUs or state government organisations.
Shares of Patel Engineering advanced 7% only to pare gains an trade 5.6% higher at Rs 56.73 as of 10:40 a.m. The benchmark NSE Nifty 50 was trading 0.26% lower.
The stock has risen 0.33% in the last 12 months but declined 10% so far this year. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 53.
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