Vijay Kedia’s portfolio multibagger penny stock under Rs 60 with Rs 19,135 crore order book bags new order worth Rs 342.76 crore from Government of Maharashtra

The stock gave multibagger returns of 125 per cent in just 1 year whereas BSE Small-Cap Index is up by 60 per cent.

The Office of the Executive Engineer, Government of Maharashtra has declared Patel Engineering Limited (PEL) along with its JV Partner as L1 for a Rs 342.76 crore contract for the works involving the construction of water lifting arrangement work for the first stage from submergence of Jigaon project including civil, mechanical, electrical component & allied works. The project is to be completed in a period of 24 months.

The said project is located in the state of Maharashtra and the project is to be executed in a Joint Venture, of which PEL’s share is 35 per cent. The scope of work involves the construction of water lifting arrangement work for LIS 1-10-11-12,8, 9, 3, 4-5-6 of the first stage from submergence of Jigaon project including approach channel, rising main, pumping machinery, switchyard and all allied works of civil, mechanical, electrical component.

Patel Engineering Ltd., a company celebrating its 75th year and known for its contribution to India's strategic infrastructure, is raising funds through a Qualified Institutional Placement (QIP). This issuance, approved by the board and shareholders, allows the company to sell new shares at a minimum price of Rs 59.50 each to institutional investors. The final price will be determined after considering a potential discount and will be decided by an Allotment Committee meeting. Notably, Patel Engineering recently played a key role in constructing the Sela Tunnel Project, the world's longest bi-lane road tunnel at over 13,500 feet, which is critical for year-round troop movement and regional security. This successful project, completed under harsh weather conditions, exemplifies the company's expertise in handling complex infrastructure projects and its alignment with the government's focus on development in the northeastern region.

Also Read: 4:1 bonus shares & Rs 2,326 crore order book: This multibagger engineering company is into expansion of business with acquisition of EMC Ltd; details inside!

On Wednesday, shares of Patel Engineering Ltd gained 4.1 per cent to an intraday high of Rs 57.86 per share from its previous closing of Rs 55.58. The stock’s 52-week high is Rs 79 while its 52-week low of Rs 23.80. The stock gave multibagger returns of 125 per cent in just 1 year whereas BSE Small-Cap Index is up by 60 per cent.

As of March 2024, an ace investor, Vijay Kedia sold 10,00,000 shares or 0.13 per cent stake in the company and decreased its stake to 1.55 per cent compared to 1.68 per cent in December 2023.

Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport. The company has a market cap of over Rs 4,800 crore with a 3-year stock price CAGR of 70 per cent.

Order book: As of December 31, 2023, the company’s order book stands at Rs 19,135 crore (Including L1 Orders). Segment-wise order book includes hydroelectric (60.67 per cent), irrigation (21.05 per cent), tunnel (11.02 per cent, road (2.99 per cent) and other (27 per cent). 

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