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Patel Engineering Shares Plunges 12% on Getting Rs 508 Crore Order

Patel Engineering JV has secured an order worth Rs 1,310 crore.

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%.

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