Shares of Patel Engineering soared 5% intraday on March 16 after the company was announced as the lowest bidder for two micro-irrigation projects in Madhya Pradesh and Karnataka states by the Water Resources Department, Government of Madhya Pradesh and Visvesvaraya Jala Nigam.

The company said its share of these orders is Rs 485 crore in an exchange filing.

Shares of the company were up 2.9% at Rs 14.90 on the BSE at 11:49 am.

Patel Engineering said a contract of Rs 9,987.5 crore is for the survey, investigation, design and construction of SHER Dams and all ancillary works, including rising or gravity mains and pipeline distribution network works in Madhya Pradesh, while the Rs 266.38 crore contract was for the survey, design, supply, installation, testing and commissioning of Micro Irrigation Systems for Tumkur Branch Canal Package – III, Karnataka.

Most of the company’s orders include projects awarded by central or state governments or other government or public sector enterprises.

“Recently, we were announced as L1 (lowest bidder) for four other irrigation projects located in Maharashtra, Madhya Pradesh and Karnataka,” said Rupen Patel, Chairman and Managing Director of Patel Engineering. He added that for these two new L1 projects, its share of orders, including L1 won in this fiscal year, is about Rs 5,900 crore.

However, despite management’s encouraging comments and outlook, the overall trend in the share price failed to reflect this enthusiasm. The stock has fallen nearly 30% over the past three months.