Heavy buying: Back-to-back upper circuit in this small-cap multibagger penny stock; Vijay Kedia gains 6,69,50,000 in two days!

Shares of the company gained more than 100 per cent in the last six months.

Shares of Patel Engineering Limited were locked in the upper circuit on Monday, gaining 5.00 per cent. The company has delivered strong Quarterly Results. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit.

Vijay Kedia, an Indian ace investor has increased his stake in the company from 1.29 per cent of the company to 1.68 per cent share of the company. Vijay Kedia made a killing by gaining over Rs 6.69 crore in profit on his 1,30,00,000 shares in Patel Engineering, which soared by Rs 5.15 per share in the last two days.

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The company posted robust Quarterly Results. The revenue of the company for Q2FY24 stood at Rs 1021.31 crore which increased by 23 per cent YoY. The operating profit of the company stood at Rs 164.85 crore, while the PAT of the company stood at Rs 38.07 crore, from a profit of Rs 9.99 crore last year's same quarter, which is an increase of over 280 per cent.

Patel Engineering Limited 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 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.