Patel Engg rallies 17% on Rs 2,400 crore orders

NEW DELHI: Shares of Patel Engineering soared over 17 per cent on Wednesday after bagging two hydro projects and a tunnel project aggregating Rs 2,400 crore.

At 11:06 am, the stock was 16.34 per cent up at Rs 50.90 on the BSE.

The company received an LoI from Tamil Nadu Generation and Distribution Corporation (TANGEDCO) for construction of Kundah Pumped Storage Hydro Electric Project (500 MW) near Oooty, costing Rs 667.63 crore.

The project is funded by Rural Electrification Corporation (REC), it said in a BSE filing.

It has received another hydro project, which is being executed by SJVN ARUN-3 Power Development, a wholly-owned subsidiary of Satluj Jal Vidyut Nigam.

This apart, the company received LoI from Municipal Corporation of Greater Mumbai (MCGM) for Construction of tunnel from Amar Mahal (Hedgwar Udyan) to Trombay Low Reservoir (TLLR) and further up to Trombay High-Level Reservoir (THLR) - Contract AMT-II for a contract value of Rs 618.21 crore.

Patel Engineering will announce its June quarter results on August 14.