Patel Engineering will hold a meeting of the Board of Directors of the Company on 13 November 2024Powered by Capital Market - Live

NHPC has declared Patel Engineering (PEL) as L1 for a Rs. 240.02 crore contract 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 project is to be completed in a period of 18 months. The said project is located in the South District of Sikkim State. The scope of work involves Construction of the civil works of the tunnel spillway including construction adit, gate operation chamber and gate shaft, precast bridge, excess road, energy dissipation arrangement of tunnel spillway, dyke and tunnel for environment flow and it's Gate Operation Chamber (GOC). The Company has vast experience working in North Eastern States. Currently, PEL is working on NHPC - TEESTA VI HEP (Lot-2), which is located near Singtam town - Sikkim, about 30km from the proposed project site. Powered by Capital Market - Live

The contract involves modification of diversion tunnel into tunnel spillway arrangement ' civil & hydro mechanical works for Package 6 - Teesta-V powerstation in Sikkim and it is to be completed within 18 months. The scope of work involves construction of the civil works of the tunnel spillway including construction adit, gate operation chamber and gate shaft, precast bridge, excess road, energy dissipation arrangement of tunnel spillway, dyke and tunnel for environment flow and its gate operation chamber. Patel Engineering is a civil construction company that specializes in hydropower and irrigation projects. The company's consolidated net profit rose 37.51% to Rs 53.49 crore despite a 1.52% fall in sales to Rs 1,101.66 crore in Q1 FY25 as compared to Q1 FY24. Powered by Capital Market - Live

Patel Engineering announced that Kuppusubramanian Ramasubramanian (DIN: 01623890), has completed his second and final term as an Independent Director and consequently ceased to be a Director of the Company w.e.f the close of business hours on 19 September 2024. Powered by Capital Market - Live

The headline equity benchmarks continued to trade with moderate gains in mid-morning trade. The Nifty traded above the 25,200 level. Realty shares advanced after declining in past two consecutive trading sessions. At 11:30 IST, the barometer index, the S&P BSE Sensex gained 265.51 points or 0.31% to 82,395.62. The Nifty 50 index added 81.15 points or 0.32% to 25,233.10. The Sensex and Nifty clocked an all-time high of 82,637.03 and 25,258.80, respectively in early trade. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.66% and the S&P BSE Small-Cap index gained 0.56%. The S&P BSE Mid-Cap index hit an all-time high at 49,172.41. The market breadth was strong. On the BSE, 2,245 shares rose and 1,487 shares fell. A total of 144 shares were unchanged. IPO update : The initial public offer (IPO) of Baazar Style Retail received 27,32,808 bids for shares as against 1,50,30,116 shares on offer, according to stock exchange data at 11:15 IST on Friday (30 August 2024). The issue was subscribed 0.18 times. The issue opened for bidding on 30 August 2024 and it will close on 3 September 2024. The price band of the IPO was fixed between Rs 370 to 389 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof. The initial public offer (IPO) of Ecos (India) Mobility & Hospitality received 17,74,90,280 bids for shares as against 1,26,00,000 shares on offer, according to stock exchange data at 11:15 IST on Thursday (29 August 2024). The issue was subscribed 14.09 times. The issue opened for bidding on 28 August 2024 and it will close on 30 August 2024. The price band of the IPO was fixed between Rs 318 to 334 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof. Buzzing Index : The Nifty Realty index gained 1.33% to 1,048.30. The index shed 0.34% in past two consecutive trading sessions. Prestige Estates Projects (up 5.5%), Oberoi Realty (up 2.74%), DLF (up 1.13%), Sunteck Realty (up 0.76%), Godrej Properties (up 0.57%), Sobha (up 0.37%), Brigade Enterprises (up 0.31%), Macrotech Developers (up 0.22%) advanced. On the other hand, Mahindra Lifespace Developers (down 1.43%) and Phoenix Mills (down 0.41%) edged lower. Stocks in Spotlight : Patel Engineering jumped 6.23% after the company announced that it has signed a memorandum of understanding (MOU) with Rail Vikas Nigam (RVN) for collaborating on domestic and global projects. Garden Reach Shipbuilders & Engineers (GRSE) rallied 5.87% after the firm signed a memorandum of understanding (MOU) with the National Highway Infrastructure Development Corporation (NHIDCL) to supply modular steel & Bailey bridges. Lemon Tree Hotels added 0.45%. The company announced that it has signed a license agreement for hotel viz Lemon Tree Hotels, Ayodhya, Uttar Pradesh. The property shall be managed by Carnation Hotels, a wholly owned subsidiary of Lemon Tree Hotels and is expected to open in FY 2026. Global Markets : Asian stocks advanced on Friday, buoyed by the expectation that the Federal Reserve will soon lower interest rates. The upcoming release of the U.S. core personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, and a reading on euro zone inflation are eagerly awaited. These data points will likely provide further insights into the rate outlook for major economies. U.S. stocks closed higher on Thursday, despite a late-afternoon sell-off. The Dow Jones Industrial Average reached another record high as investors anticipated the release of the PCE inflation data. The Dow Jones Industrial Average rose 0.59%, the S&P 500 remained relatively unchanged at 5,591.96, and the Nasdaq Composite declined by 0.23%. The U.S. economy saw stronger growth in Q2 than initially reported, driven by robust consumer spending and corporate profit rebounds. GDP increased by 3.0% in the last quarter, an upward revision from 2.8%. Consumer spending rose 2.9% annual rate last quarter, and corporate profits surged by $57.6 billion, supporting economic expansion. Additionally, the number of Americans filing for unemployment benefits declined by 2,000 to 231,000 for the week of Aug. 24, the Labor Department reported Thursday (August 29). Powered by Capital Market - Live

The MOU marks the beginning of a strategic partnership, aimed at jointly executing projects in the field of hydro and other infrastructure projects both within India and internationally,' the company said. It further added that the agreement outlines a framework for collaboration between the company and RVNL to leverage each other's strengths and capabilities in pursuing hydro and other infrastructure projects. Under this MOU, both parties will explore opportunities to work together in various capacities. Patel Engineering is a civil construction company that specializes in hydropower and irrigation projects. The company's consolidated net profit rose 37.51% to Rs 53.49 crore despite a 1.52% fall in sales to Rs 1101.66 crore in Q1 FY25 as compared to Q1 FY24. Powered by Capital Market - Live

Patel Engineering has signed a Memorandum of Understanding (MOU) with Rail Vikas Nigam (RVNL). The MOU, marks the beginning of a strategic partnership aimed at jointly executing projects in the field of hydro and other infrastructure projects both within India and internationally. The agreement outlines a framework for collaboration between the Company and RVNL to leverage each other's strengths and capabilities in pursuing hydro and other infrastructure projects. Under this MOU, both parties will explore opportunities to work together in various capacities. Powered by Capital Market - Live

Patel Engineering announced that the 75th Annual General Meeting (AGM) of the company will be held on 13 September 2024.Powered by Capital Market - Live

Net profit of Patel Engineering rose 37.51% to Rs 53.49 crore in the quarter ended June 2024 as against Rs 38.90 crore during the previous quarter ended June 2023. Sales declined 1.52% to Rs 1101.66 crore in the quarter ended June 2024 as against Rs 1118.61 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales1101.661118.61 -2 OPM %15.3115.25 - PBDT109.1799.97 9 PBT83.2677.94 7 NP53.4938.90 38 Powered by Capital Market - Live

Patel Engineering will hold a meeting of the Board of Directors of the Company on 13 August 2024.Powered by Capital Market - Live