Multibagger penny stock under Rs 60: Vijay Kedia gains Rs 4,53,70,000 in this multibagger stock in just two days; PAT surges over 280 per cent!

Shares of the company gained more than 90 per cent in the last six months.

Shares of Patel Engineering Limited gained over 4.80 per cent today. The stock has witnessed heavy buying activity from investors in the last few days. Ace investor Vijay Kedia holds a 1.68 per cent stake in the company. The company reported robust Quarterly Results for Q2FY24, with revenue increasing by 23 per cent YoY to Rs 1021.31 crore. The operating profit and PAT grew 11.9 per cent and 281.08 per cent YoY to Rs 164.85 crore and Rs 38.07 crore, respectively.

Ace investor Vijay Kedia made a killing in the last two days, gaining over Rs 4.53 crore in profit on his 1,30,00,000 shares in Patel Engineering, which soared by Rs 3.49 per share. The stock has also delivered multibagger returns of over 190 per cent in the past one year.

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A few months back Patel Engineering's JV secured Rs 202.30 crore order for the Nira Deoghar Right Bank pipeline project, adding to their earlier order of Rs 249.96 crore, bringing the total project value to Rs 452.26 crore with Patel Engineering's share at Rs 180.90 crore.

Patel Engineering Limited is a 74-year company established in the year 1949 and has a strong presence in tunnels and underground works for hydroelectric and dam projects. The company has a consistent track record in the execution of projects in the domestic and international arena. The company has an order book of Rs 20,000 crore.

The stock has shown tremendous growth, and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.