Shares of Patel Engineering rose more than 3% at the open on March 22 after the company and joint venture partners secured orders worth Rs 511 crore.

The civil construction company and joint venture partners have received the Letter of Acceptance (LoA) for the Tumkur Branch Canal (Package V) micro-irrigation project from Visvesvaraya Jala Nigama Limited (VJNL), which was earlier declared L1. The company said in a stock exchange filing that its stake in the project is Rs 281.07 crore, representing 51% of the joint venture partners.

The micro-irrigation system project includes survey, design, supply, installation, testing and commissioning, including the construction of gravity bulk feeders, sump cum pump house, supply and installation of water pumps, jetty bays, substations, power lines, etc. The company added a pipeline distribution network, including SCADA and automation, and ancillary works, such as the construction of drip irrigation systems, covering an area of ​​15,090.21 hectares.

At 9:16 am, Patel Engineering was quoted at Rs 15.32, up Rs 0.46 or 3.1% on the BSE. It touched an intraday high of Rs 15.35 and an intraday low of Rs 15.25.

Earlier, a joint venture of Patel Engineering was announced as the lowest bidder for two micro-irrigation projects worth Rs 1,265 crore in Madhya Pradesh and Karnataka. The orders came from the Water Resources Department of the Madhya Pradesh Government and Visvesvaraya Jala Nigam in Karnataka.