Patel Engineering, a small cap company, had a market cap of 1,803.30 Cr. during today’s closing session. Patel Engineering Ltd., founded in 1949, is one of the top providers of infrastructure and construction services in India. Patel Engineering Limited ended the day up 9% after winning contracts worth Rs. 1,310 crore with its joint venture partners.
“Patel Engineering Limited along with Joint Venture (“JV”) Partners Bags Rs. 311.13 crore TUMKUR Branch Canal (Package III) Micro Irrigation Project and Rs. 998.75 crore SHER Micro Irrigation Project, our share in these two orders aggregates Rs. 508.24 crore,” the company stated in a stock exchange filing.
The company has contributed Rs. 158.68 crore of its own funds to the joint venture for the Tumkur Branch Canal project, of which it is a 51% shareholder. With a contribution of Rs. 349.56 crore, Patel Engineering also holds a 35% stake in the joint venture for the Sher Micro Irrigation Project.
A R Ramachandran commented on the stock’s technical outlook and noted that the stock price had increased due to news that Patel Engineering had been awarded new irrigation projects in Maharashtra worth Rs. 3.11 billion.