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₹240-crore NHPC deal powers Patel Engineering share price 2% higher today
At 11:30 AM, Patel Engineering share price was trading 1.62 per cent higher at ₹40.12. In comparison, BSE Sensex was trading 0.44 per cent higher at 82,120.46 levels.
Why did Patel Engineering share price rise today?
Patel Engineering's share price rose after the company announced it had secured a contract from NHPC worth ₹239.98 crore (including taxes).
'Further to the intimation of Lowest Bidder (L1) received for the works involving modification of diversion tunnel into tunnel spillway arrangement – Civil & Hydro Mechanical works for Package 6 – Teesta V Power Station, Sikkim, the company has now received LOA for the said project and the same is in normal course of business,' Patel Engineering said, in an exchange filing.
The order pertains to civil and hydro-mechanical works for converting the diversion tunnel into a tunnel spillway arrangement under Package 6 of the Teesta-V Power Station project in Sikkim.
The project, located in Sikkim's South District, is slated for completion within 18 months. It includes construction of key infrastructure such as the tunnel spillway, gate operation chamber and shaft, precast bridge, access roads, energy dissipation structures, a dyke, and an environmental flow tunnel.
Kavita Shirvaikar, managing director of Patel Engineering, said, "We are honoured to receive the LOA from NHPC for this strategically important hydro power project. Our deep experience in the North Eastern region positions us strongly to execute this project with precision and efficiency. This win is another step toward our vision of contributing meaningfully to India's clean energy future."
The order also strengthens Patel Engineering's regional presence, as it is already executing Lot-2 of NHPC's Teesta-VI hydropower project near Singtam, around 30 km from the new site – reinforcing its operational synergies and execution capabilities in the region.
In May, Patel Engineering, in collaboration with its joint venture (JV) partner, secured a contract worth ₹958.33 crore from the Maharashtra Krishna Valley Development Corporation, Pune. The project involves the construction of a pipeline distribution network for the Nira Deoghar Right Bank Main Canal from KM 87 to KM 135, including its distributaries and minors between KM 65 and KM 135.
About Patel Engineering
Patel Engineering, established in 1949, is a 76-year-old company with a strong track record in the hydropower, tunneling, and irrigation sectors.
Known for its expertise and reliability, the company has successfully executed numerous projects both in India and abroad. The company has completed over 85 dams, 40 hydroelectric projects, and more than 300 kilometres of tunneling, primarily for central public sector undertakings (PSUs) and state government agencies.
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