Patel Engineering shares climbed more than 14% in morning trade after the company announced that it has received two Letters of Intent from Saidax Engineers and Infrastructures Pvt Ltd for major excavation and coal-handling work at the Jhiria West Open Cast Project in the Hasdeo Area of Bilaspur, Chhattisgarh. The project, awarded for South Eastern Coalfields Limited (SECL), carries a combined value of ₹798.19 crore, excluding taxes.
According to the company, the work package covers comprehensive overburden removal and rehandling, coal cutting through Surface Miner technology, and the complete loading and transportation of coal. Patel Engineering will also be responsible for arranging all necessary plant and machinery, supplying diesel, maintaining equipment, and deploying the required staff and workforce to smoothly execute the project.
The announcement boosted investor sentiment as the fresh order strengthens Patel Engineering’s already growing project pipeline. With its long track record in large and complex infrastructure projects across India, the company is seen as well-positioned to carry out this extensive mining-related assignment with efficiency.
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