52- week high alert: Shares of this Vijay Kedia portfolio stock zoomed 10 per cent ahead of its Q4FY23 results!

The stock has witnessed heavy buying as it has zoomed more than 80 per cent in just 1 month

Ahead of its Q4FY23 results on May 15,2023, Patel Engineering saw its shares surge 10 per cent on Friday, May 12, 2023, reaching an intraday high and new 52-week high of Rs 26.96 apiece on BSE. The surge was accompanied by a significant increase in trading volume.

On May 04, 2023, announced today that it, along with its joint venture partners, has been granted a Letter of Acceptance for Tumkur Branch Canal Micro Irrigation Project by Visvesvaraya Jala Nigama Limited (VJNL) and Sher Micro Irrigation Project by Water Resources Department, Government of Madhya Pradesh. The aforementioned projects were previously declared as L1.

The company holds a 51 per cent stake in the Joint Venture for Tumkur Branch Canal project, with a share worth Rs. 158.68 crore, and a 35 per cent stake in the Joint Venture for Sher Micro Irrigation Project, with a share worth Rs 349.56 crore.

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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 has zoomed more than 80 per cent in just 1 month. Keep a close eye on this trending stock.