Patel Engineering rallies to 52-week high after JV bags Rs 1,275-crore project

Shares of Patel Engineering jumped 3% to a 52-week high of Rs 58.54 crore in early trading on Aug 22 after a joint venture won the Madhya Pradesh urban infrastructure development project. Jal Nigam.
Madhya Pradesh government enterprise has declared Patel Engineering as the lowest contractor in a joint venture (JV) for contract worth Rs 1,275.30 crore for engineering, procurement, construction, testing, commissioning, 10-year operation and maintenance of Narmada – Gambhir, Multi-Village Drinking Water Program of Ujjain and Indore District in one turnkey package.
The company’s share in the contract is 35%, or R. 446.36 crore, for the project, which has a timeframe of 24 months. The project is located in Ujjain and Indore, Madhya Pradesh.
The company for the quarter ended June 2023 recorded a 5% increase in net profit to Rs 43.40 crore, while revenue increased 14.86% to Rs 1118.61 crore.