New order win engineers Patel Engineering's rally

Patel Engineering gained 2.82% to Rs 612.50 at 12:04 IST on BSE after its unit's joint venture in the United States received a dam reconstruction contract worth $280 million.

On BSE, 1.06 lakh shares of the scrip were traded. The stock had an average daily volume of 26956 shares on BSE in past one quarter.

The scrip had touched a high of Rs 632 and a low of Rs 600 so far during the day. The stock had hit a 52-week high of Rs 1070 on 4 January 2008 and a 52-week low of Rs 346 on 7 May 2007.

The scrip had undererformed the market over the past one month till 5 May 2008, gaining 4.69% compared to the Sensex's return of 14%. It had also underperformed the market in the past one quarter, declining 20.40% compared to Sensex's decline of 6.28%.

The mid-cap civil engineering firm has an equity capital of Rs 5.97 crore. Face value per share is Re 1.

At the current price of Rs 612.50, the scrip trades at a PE multiple of 26.05, based on Q3 December 2007 annualised EPS of Rs 23.51.

Patel Engineering had reported 20.10% rise in net profit to Rs 35.03 crore on 20.10% increase in net sales to Rs 262.16 crore in Q3 December 2007 over Q3 December 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.