Buzzing stock : Patel Engineering zooms over 8 per cent on bagging new order for Rs 1,251 crore Teesta-VI HE Project
On Monday, Patel Engineering, a civil construction company specializing in the hydropower sector, informed that it has bagged an Rs. 1,251 crore, Lot II Civil Work contract for 500 MW Teesta-VI Hydro Electric Project, Sikkim from Lanco Teesta Hydro Power Limited, which is a wholly-owned Subsidiary of NHPC Ltd.
The project is located in the South Sikkim district in Sikkim, India. The package covers balance civil works for underground power house & transformer cavern, part of HRT-I & HRT-II, surge shafts, pressure shafts & adits, TRT and other associated structures, etc. of 500 MW Teesta-VI Hydro Electric Project located near village Subin Khore, South Sikkim, India. The village is about 67 kms from Siliguri, the nearest major town.
Patel Engineering Ltd. is one of the major infrastructure and construction services company in India. The company has a breadth of experience encompassing all sectors of the infrastructure industry from dams, tunnels, micro-runnels, hydroelectric projects, irrigation projects, highways, roads, bridges, railways, refineries to real estates and townships.
After opening flat for Monday's trading session, the stock price of the company shot up gaining up to 13.07 per cent. At 11.52 a.m. on Monday the stock is trading at Rs 17.95 per share being up by 8.46 per cent. In last 6 months, the stock has delivered returns of 50.21 per cent to the investors whereas on a YTD basis the stock is up by only 20.47 per cent.