Shares of Patel Engineering Ltd rose 1.5% to touch a day’s high of Rs 40.40 on 21st July, after the company announced it had secured a contract worth Rs 239.98 crore (inclusive of taxes) from NHPC Ltd for civil and hydro-mechanical works at the Teesta-V power station in Sikkim.

The contract involves converting the diversion tunnel into a tunnel spillway under Package 6 of the Teesta-V project. Located in South Sikkim, the project is expected to be completed in 18 months.

Key work includes building the tunnel spillway, gate operation chamber, shaft, precast bridge, access road, energy dissipation structures, dyke, environmental flow tunnel, and related infrastructure.

Earlier in May, Patel Engineering had won a Rs 1,318.89 crore contract from CIDCO for building the Kondhane Dam in Raigad, Maharashtra. The project includes civil works for the 1209-metre-long and 83-metre-high dam.

It also covers allied works, including hydro-mechanical and electrical components such as 3 radial gates and control systems. This project is expected to be completed in 42 months.

At 11:09 AM, the shares of Patel Engineering were trading 1.67% higher at Rs 40.14 on NSE.

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