On May 4, Patel Engineering Limited traded 12% higher in the early morning trade after the company and its joint venture partners took projects of Rs 1,310 crore.
The company, with joint ventures, bagged a Rs 311.13-crore Tumkur branch canal micro-irrigation task and a Rs 998.75-crore Sher Micro–Irrigation Project.
As per the BSE filing, Patel Engineering Limited shares in these two orders amount to Rs 508.24 crore.
Even after being a 51% partner in the joint venture for the Tumkur branch canal work, the firm has a project share of Rs 158.68 crore. The Sher project has Rs 349.56 crore, i.e., a 35% share in the joint venture.
At 11:24 am, the stock traded at Rs 23.85 on BSE, up 12% from the earlier close.
The stock has delivered a return of 35.05% since 2023 beginning and outperforming the Nifty equity benchmark giving a 0.1% return during the period.
On a five-year basis, the stock lost 43.76% of its value, while the Nifty has given a return of 70.72%.