The shares of Patel Engineering Ltd. rose to hit nearly three-month high on Friday after the company won two projects worth Rs 2,036.89 crore. The two projects include dam construction and hydropower project.
Patel Engineering bagged an order for dam construction and related works under its urban infrastructure segment, according to the exchange filing. The project is from City and Industrial Development Corporation of Maharashtra Ltd. and is to be completed in 42 months.
The 240 MW hydropower project is in Arunachal Pradesh and will be completed withing 44 months. The project is from North Eastern Electric Power Corporation Ltd.
The scope of work includes construction of civil and associated infrastructure works, testing and commissioning of hydro-mechanical plant and machinery leading to operation and performance of all the generating units of the hydroelectric project, according to the statement.
Patel Engineering Share Price Advances
The shares of Patel Engineering rose as much as 9.39% to Rs 48.60 apiece, the highest level since Feb 5. It pared gains to trade 0.02% higher at Rs 44.42 apiece, as of 12:04 p.m. This compares to a 1.50% decline in the NSE Nifty 50 Index.
It has fallen 31.63% in the last 12 months and 14.35% year-to-date. Total traded volume so far in the day stood at 6.2 times its 30-day average. The relative strength index was at 43.93.
Both analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 37.5%.
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