Patel Engineering shares were locked in a 5% upper circuit on 28 August after the company, along with its JV, received a letter of award for the Dibang multi-purpose project in Arunachal Pradesh.

The company said in an exchange filing that the total value of the contract is Rs 3,637.12 crore, but as the company being a 50% partner in the Joint venture (JV), making their share in the project at Rs 1,818.56 crore.

The project is required to have an execution period of 86 months.

The company constructs dams, tunnels, bridges, piling works, roads, industrial structures and other kinds of heavy civil engineering works.

The company specialises in hydropower generation and irrigation segments. It has executed a variety of infrastructure projects in irrigation, hydropower, water supply, urban infrastructure and transportation segments primarily as a civil contractor.

At 3:30 pm, the shares of Patel Engineering closed at Rs 57 or 4.97% above its previous close on NSE.