By Malvika Gurung
Investing.com -- Shares of the civil construction company Patel Engineering (NS: PENG ) were locked at a 5% upper circuit of Rs 27.1 apiece on Monday, close to their 52-week high of Rs 29.7 apiece.
The construction stock extended its upward trend for the third consecutive session on Monday, gaining 5.44% during the period. So far this year, the stock has jumped 57.13%.
Patel Engineering’s shares surged on June 5, 2023, after the company secured a Letter of Acceptance (LOA) for a work order worth Rs 519.5 crore.
The work order has been awarded by City and Industrial Development Corporation (CIDCO), and as per the terms of the LOA, Patel Engineering will have to construct a 6.7 km long treated water tunnel and associated works in Raigad District, Maharashtra, from the Sai Village to Vindhane Village.
The water tunnel project will be executed without any joint venture partnership, stated the company on Monday.
The construction of the long-treated water tunnel is expected to be completed and delivered in 60 months, and thanks to Patel Engineering’s strong track record in executing similar projects, it was awarded this Rs 519.5 crore-worth LOA from CIDCO.
The company's expertise in tunnelling, underground works for hydroelectric, and infrastructure development positions them well to successfully complete the project within the stipulated time frame, noted Patel Engineering in an exchange notification.
The 74-year old construction company will prioritize quality with technological capabilities, excellence, and environmental sustainability throughout the aforementioned project.
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