Penny stock under Rs 60: Vijay Kedia’s multibagger stock bags new order worth Rs 317.60 crore in JV; order book at Rs 1,86,630 million!

The stock has delivered multibagger returns of over 240 per cent in the past three years.

Patel Engineering Limited (PEL) has secured a substantial Rs. 317.60 crore irrigation project in Maharashtra. The project, awarded by the Office of the Executive Engineer, involves constructing a water lifting arrangement for the first stage of the Jigaon project, encompassing civil, mechanical, and electrical components. PEL, in a joint venture with a partner, will execute the project over 24 months. This win highlights PEL's expertise in the irrigation sector and strengthens its presence in the state. With a 35 per cent share in the venture, PEL's portion of the contract is valued at Rs. 111.16 crore. Shares of Patel Engineering Limited gained over 3 per cent today. The stock has witnessed heavy buying activity from investors in the last few days. Ace investor Vijay Kedia holds a 1.42 per cent stake in the company.

The company reported robust Quarterly Results for Q4FY24, with revenue increasing by 11.46 per cent YoY to Rs 1343.18 crore. The operating profit and PAT grew by 38.35 per cent and 83.08 per cent YoY to Rs 268.76 crore and Rs 140.94 crore, respectively. The stock has also delivered multibagger returns of over 240 per cent in the past three years.

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 1,86,630 million.

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.