The company made this announcement during the market hours today, 3 December 2007.
Meanwhile, BSE Sensex was provisionally ended up 243.36 points or 1.26% to 19,606.55.
On BSE 15,165 lakh shares were traded in the counter. The scrip had an average daily volume of 86,667 shares in the past one quarter.
The stock hit a high of Rs 792 and a low of Rs 767 so far during the day. The stock has a 52-week high of Rs 833 on 20 November 2007 and a 52-week low of Rs 292.50 on 5 March 2007.
The mid-cap scrip had outperformed the market over the past one month till 30 November 2007, gaining 7.24% compared to the Sensex's decline of 1.83%. It had also outperformed the market in the past one quarter, rising 76.52% compared to Sensex's rise of 26.40%.
The company's current equity is Rs 5.97 crore. Face value per share is Rs 1.
The current price of Rs 780 discounts its Q2 September 2007 annualized EPS of Rs 21.77 by a PE multiple of 35.83.
Norconsult AS from Norway will be the consultant to the project.
On 15 October 2007, Patel Engineering (PEL) signed memorandum of understanding with government of Arunachal Pradesh for setting up a 100-mega hydroelectric power project.
PEL is reportedly getting around 1,200 acres of land in Mumbai, Bangalore, Hyderabad and Chennai valued by global real estate advisor DTZ and global property professional Knight Frank.
As per recent reports, PEL is moving ahead to acquire large coal mines in Indonesia and Africa.
PEL's net profit rose 29.6% to Rs 32.44 crore on a 19.1% growth in net sales to Rs 235.77 crore in Q2 September 2007 over Q2 September 2006.
Patel Engineering designs and constructs power houses, hydroelectric projects, commercial buildings, industrial complexes, dams, tunnels, underground structures, steel and concrete structures, bridges, marine works, flyovers and national highways in India and abroad.