Patel Engineering shares rise 9% on winning two projects 

Shares of Patel Engineering rose 9% intraday on Friday after the civil construction firm said that it has been declared the lowest bidder for two projects worth Rs 2,036.89 crore. Patel Engineering stock rose 8.72% intraday to Rs 48.22 against the previous close of Rs 44.35 on BSE. Market cap of the firm stood at Rs 3,830 crore. 

Later, the stock closed 2.28% higher at Rs 45.36 on BSE. 

The first order is worth Rs 1,318.89 crore. It pertains to the construction of Kondhane Dam and its allied works, using Roller Compacted Concrete technology, from the City and Industrial Development Corporation of Maharashtra (CIDCO). The project is located in the Karjat Taluka of Maharashtra. It has to be completed in the next 42 months.

The order relates to civil works for the dam construction, having a length of 1,209 meter and a height of 83 meter, along with its allied works.

The company has also emerged as the lowest bidder for a hydropower project worth Rs 718 crore from the North Eastern Electric Power Corporation (NEEPCO).

The order is for a 240 MW hydroelectric project in Arunachal Pradesh. The project is likely to generate 1,000 million units of energy annually and will improve power supply in the state. This project is expected to be completed in 44 months. 

Patel Engineering is a construction company which specialises in the hydropower and irrigation segments. It is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures, and other kinds of heavy civil engineering works.