52-week high alert: Ace investor Vijay Kedia increases stake in this multibagger penny stock; do you own it?
The stock has witnessed heavy buying as it zoomed more than 160 per cent in just 3 months
On Tuesday, shares of Patel Engineering zoomed and got locked at 5 per cent upper circuit to trade at an intraday high and new 52-week high of Rs 39.49 apiece on BSE. This surge was accompanied by a notable rise in trading volume.
Vijay Kedia, a prominent investor and the founder of Kedia Securities has augmented his ownership in the company by 0.39 per cent, resulting in his total stake now amounting to 1.68 per cent. Through his investment firm, Kedia Securities, he has strategically acquired this stake, demonstrating his confidence in the company's potential and future prospects. With his extensive experience and astute investment decisions, Vijay Kedia's involvement signifies a positive endorsement for the company and its growth trajectory.
During the fourth quarter of FY23, there was a remarkable surge in net sales for the company, with an increase of 14.32 per cent compared to the same quarter of the previous year, reaching Rs 1,192.18 crore. The company's EBITDA level also experienced significant growth, standing at Rs 176 crore, a 13.4 per cent increase from the previous quarter in March 2022. Moreover, the net profit of the company soared by an impressive 128 per cent, amounting to Rs 84.08 crore, when compared to the corresponding quarter of the previous year.
The Chairman & Managing Director of Patel Engineering Limited, Rupen Patel, expressed his recognition of the results, highlighting that the ongoing year has been filled with excitement thanks to the inclusion of new projects. These additions have had a significant impact on the company's order book, which has reached an unprecedented level of over Rs 20,000 crore.
Significant improvements in revenue and profit numbers were attained by the company, showcasing its resilience and flexibility in a fiercely competitive market. Moving forward, the company maintains its dedication to achieving substantial growth in the infrastructure sector, thereby playing a pivotal role in the overall economic advancement of the nation.
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Patel Engineering, a 73-year-old construction company established in 1949, has grown to become a specialist in the hydro power generation and irrigation sectors. They have worked on various infrastructure projects, including dams, bridges, tunnels, roads, and industrial structures, as well as heavy civil engineering works, primarily as civil contractors, in the hydro power, irrigation and water supply, urban infrastructure, and transportation segments.
The stock has witnessed heavy buying as it zoomed more than 160 per cent in just 3 months. Keep a close eye on this trending stock.