Patel Engineering shares slipped nearly 4% in early trade today, cooling off after yesterday’s sharp 14% surge. As of 9:47 AM, the stock was trading with heavy volumes at over 3.22 crore shares. The price swung between a low of ₹35.58 and a high of ₹37.78 during the morning session, compared to its previous close of ₹37.78. The stock remains above its 52-week low of ₹31.55 but far below the ₹59.55 high seen earlier this year.
The correction comes just a day after Patel Engineering triggered strong buying interest on the back of a major order win. The company announced that it has received two Letters of Intent from Saidax Engineers and Infrastructures Pvt Ltd for extensive excavation and coal-handling work at the Jhiria West Open Cast Project in the Hasdeo Area of Bilaspur, Chhattisgarh. The assignment, awarded under South Eastern Coalfields Limited (SECL), is valued at a substantial ₹798.19 crore, excluding taxes.
The scope of work includes complete overburden removal and rehandling, coal cutting using Surface Miner technology, and the loading and transportation of coal across the site. Patel Engineering will also provide all plant and machinery, supply diesel, maintain equipment, and deploy the required workforce to manage and execute the project seamlessly. The order fits well with the company’s long-standing expertise in handling large-scale excavation, mining-adjacent, and heavy civil engineering projects across India.
Yesterday’s rally reflected growing investor confidence as the order significantly strengthens the company’s project pipeline. The company’s established operational capabilities and experience in complex infrastructure assignments make it well-positioned to deliver on a contract of this scale.
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