The Economic Times daily newspaper is available online now.

    Rs 750-cr Patel Engineering bags Rs 975-cr project from govt; stock climbs 7%

    Synopsis

    The company said it received Rs 976.50 crore order for Luhri Hydro Electric Project Stage I (210 MW) (Luhri Project) from Sutlej Jal Vidyut Nigam, a joint venture between the Government of India and Himachal Pradesh State Government.

    Market surge to continue on better corporate profitability: Nilesh ShahAgencies
    The project is located at Shimla and Kullu District in Himachal Pradesh.
    NEW DELHI: Patel Engineering, a civil construction firm specialising in the hydropower sector that the market values at around Rs 750 crore, bagged a massive order from the government.

    The company said it received Rs 976.50 crore order for Luhri Hydro Electric Project Stage I (210 MW) (Luhri Project) from Sutlej Jal Vidyut Nigam, a joint venture between the Government of India and Himachal Pradesh State Government.

    The project is located at Shimla and Kullu District in Himachal Pradesh.

    The order has been bagged by Luhri Hydro Power Consortium (LHPC), a consortium of Patel Engineering and HES Infra Pvt. Ltd (HES). The former owns 60 per cent of the special purpose vehicle.

    Luhri Project is an EPC contract package covering design engineering services, civil and hydro-mechanical works of Luhri Hydroelectric Project Stage I.

    About 16 bank and financial companies including Bank of Baroda, ICICI Bank, Bank of India and PTC India Financial Services own a total 18.94 per cent stake in the firm.

    Following the order, the stock climbed 6.67 per cent to Rs 16. The stock has underperformed in the past. In the last one month, the stock has fallen 15 per cent. In the three-year period, it has fallen 64 per cent.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in