Shares of Patel Engineering Ltd. surged 3.51% to ₹59.53 on September 20, 2024, after the company announced it had been declared the lowest bidder (L1) for a ₹240.02 crore hydropower project from NHPC Ltd. The contract involves modification of a diversion tunnel into a tunnel spillway arrangement for Package 6 at the Teesta-V Power Station in Sikkim.
The project, located in the South District of Sikkim, is expected to be completed within 18 months. Patel Engineering’s scope of work includes the construction of civil and hydro mechanical works, such as a tunnel spillway, gate operation chamber, precast bridge, and other associated infrastructure.
Stock Price Details:
- Open: ₹57.80
- High: ₹60.40
- Low: ₹57.50
- Previous Close: ₹57.51
Patel Engineering has a strong presence in the hydroelectric sector, having completed over 85 dams, 40 hydroelectric projects, and more than 300 km of tunneling for various government and public sector organizations. The company is already working on the NHPC Teesta-VI project, located near the current site, showcasing its expertise in handling large-scale infrastructure projects in the region.
This positive development has led to increased investor confidence, reflected in the rise in stock price during today’s trading session.
