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Patel Engineering’s shares shot up 14% intraday after the company received two major work orders worth ₹798.1 crore.
Patel Engineering builds large infrastructure projects, including dams, tunnels, irrigation systems, hydroelectric plants, mining works, and other heavy civil engineering construction across India.
What’s happening: the company has been chosen to handle digging, moving, and transporting coal for a project in Chhattisgarh for South Eastern Coalfields. The work has to be completed over nine years.
The combined job includes removing large layers of soil, cutting coal using machines, loading it, transporting it, and arranging all the machinery, fuel, workers, and maintenance needed to keep the operations running smoothly.
Looking ahead: Patel Engineering added that these new orders come on top of a strong list of ongoing bids worth over ₹34,000 crore that are still being evaluated.
The company is also expecting fresh project opportunities worth another ₹18,000 crore to open for bidding by the end of this financial year.
