Patel Engineering stocks surged by 2 percent on Thursday afternoon as the company announced its 50:50 joint venture as the lowest bidder for a project valued at ₹3,637 crores.

Patel Engineering disclosed in a BSE filing that this NHPC Limited project comprises of construction of civil works for LOT-4 for head race tunnels for Arunachal Pradesh’s Dibang Multipurpose Project 2880MW.

It said, “the said project is to be executed in a period of 86 months. The project is to be executed in a joint venture, of which Patel Engineering’s share is 50 percent.”

Patel Engineering Company quoting at ₹15.27 per share increased by 1.73 percent i.e. by ₹0.26 on BSE. Compared to its five-day averages of 539979 shares, the scrip was trading with volumes of 1,26,341 shares. The company emerging as L1 bidder for tenders invited thereby bagging this impressive deal that created an air of enthusiasm in the market.

Along with a JV partner, the company bagged another order worth ₹ 511-crores from Visvesvaraya Jala Nigama Limited for Tumkur Branch Canal Micro Irrigation Project in Karnataka. Being a 51 percent partner in the joint venture, Patel Engineering’s share in this project is approximately ₹281.07 crores.

Founded in 1949, Patel Engineering Ltd., is one of the most integrated construction and infrastructure services business entities in India. With a breadth of experience encompassing all sectors of the infrastructure industry from highways, irrigation projects, roads, bridges, railways, micro-tunnels, dams, tunnels, hydroelectric projects, refineries, commercial and residential real estates and townships.