Business Daily from THE HINDU group of publications
Wednesday, Feb 06, 2008
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Business Daily from THE HINDU group of publications Wednesday, Feb 06, 2008 ePaper | Mobile/PDA Version |
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Stock Markets Markets - Stocks Columns - Ear to the ground Dalal Street is yet to price in unconfirmed information, doing the rounds for sometime now, regarding Patel Engineering. In response to Business Line queries, the managing director of the company, Mr Rupen Patel, on Tuesday confirmed that Patel Engineering has indeed obtained an assignment recently to build a dam in the US for $300 million. However, he preferred to withhold details for the time being. On Tuesday, the BSE 200 and BSE Midcap indices component finished marginally in the green at Rs 748.50 on low volume. This came after a 27 per cent fall from its all-time high of Rs 1,070, recorded on January 4. He admitted that Patel Engineering’s 100 per cent subsidiary Patel Realty & Infrastructure would begin construction work on two projects – one in Mumbai and the other one in Bangalore – in the next couple of months. While the Mumbai property involves an area of around 12 lakh sq ft, the total Bangalore land area meant for development is 120 acres. Bangalore project would host two SEZs for IT and ITES, residential complex and commercial properties. “The group is handling the projects alone and on the strength of internal accruals. There is no plan to raise funds,” Mr Patel said. The company has a total land bank of about 1,000 acres, spread across a number of cities. Jayanta Mallick More Stories on : Stock Markets | Stocks | Ear to the ground
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