The rally was triggered by two Letters of Intent (LOIs) received from Saidax Engineers and Infrastructure Pvt. Ltd. for work at the Jhiria West Open Cast Project (OCP) in the Hasdeo Area of Bilaspur, Chhattisgarh. The project has been awarded by South Eastern Coalfields Ltd. (SECL).
As per Patel Engineering’s regulatory filing, the combined contract value is Rs 798.19 crore, excluding taxes, with a total execution period of nine years.
The scope of work includes composite overburden removal, rehandling, coal cutting using surface miners, loading and transportation of coal, as well as the hiring and maintenance of required machinery and equipment. It also covers the supply of diesel and the deployment of staff and labour needed for operations.
The company clarified that the contract is entirely domestic, involves no related-party transactions, and that promoters have no interest in the awarding entity.
With this order, Patel Engineering further strengthens its footprint in large-scale infrastructure and mining projects. The deal is expected to boost its order book and reinforce its role in executing critical coal infrastructure for public sector clients such as SECL.On the technical front, the daily Relative Strength Index (RSI 14) stands at 60.5. The RSI is a momentum indicator used to gauge whether a stock is overbought or oversold, readings below 30 indicate oversold conditions, while levels above 70 suggest the stock may be overbought.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
