Shares of Patel Engineering Ltd surged 4% on Tuesday, 6 May, after the company announced securing another order from CIDCO, its second order win in two weeks. 

In its regulatory filing, the company said that they have received a Rs 1,318.89 crore contract from the City and Industrial Development Corporation of Maharashtra (CIDCO) to construct the Kondhane Dam. 

Previously, the company had been designated the lowest bidder on the job.

This project covers civil works for the construction of the Kondhane Dam. The dam will be 1209 metres long and 83 metres high.

Furthermore, the agreement includes associated works as well as Hydro Mechanical and Electrical works, such as three radial gates, electrical and manual gate control, and other electrification projects.

The project is scheduled to be completed in 42 months and is situated at Village Kondhane, Taluka Karjat, District Raigad, Maharashtra.

Patel Engineering was previously awarded the lowest proposal for a Rs 718 crore hydropower project by North Eastern Electric Power Corporation ltd. (NEEPCO).

This contract was for a 240-MW hydropower plant in Arunachal Pradesh. The project is projected to generate 1,000 million units of electricity per year while also improving the state’s power supply.

On 25 April, the business was identified as the lowest bidder for the Kondhane Dam project.

At 1:03 pm, the shares of Patel Engineering were trading 0.23% higher at Rs 43.10 on NSE. 

The future of investing is here!
Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app todayand 10x your trading & investing journey!