Shares of Patel Engineering Ltd soared 5% on 25 April after the company announced that they have emerged as the lowest bidder (L1) for projects valued at Rs 2,036.89 crore.

NEEPCO has designated a Mumbai-based infrastructure business as L1 for a Rs 718 crore (including tax) contract for the 240 megawatt (MW) HEO Hydroelectric Project in Arunachal Pradesh.

The project, which is estimated to generate 1,000 million units (MU) of electricity per year, intends to boost the state’s power supply while also contributing to national grid balancing.

The project is located in Arunachal Pradesh’s Shi Yomi district and is expected to be completed within 44 months.

The scope of work for the 240 MW HEO Hydropower project includes civil and related infrastructure construction, hydro-mechanical equipment testing and commissioning, and ensuring that all generating units operate and perform properly.

In addition, the company was designated the lowest bidder for CIDCO’s Rs 1,318.89 crore contract for the “construction of Kondhane Dam and its allied works” using Roller Compacted Concrete Technology. The project is located in the state of Maharashtra, Village – Kondhane, Taluka – Karjat, District – Raigad, and will be completed in 42 months.

The scope of work comprises civil works for the dam’s construction, which measures 1209m in length and 83m in height, as well as hydro-mechanical and electrical work, such as three radial gates, electrical and manual gate control, and other electrification work.

At 11:44 am, the shares of Patel Engineering were trading 0.09% higher at Rs 44.47 on NSE.

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