Heavy buying witnessed: Vijay Kedia's multibagger penny stock strikes gold to make a new 52-week high!
The stock has witnessed heavy buying as it zoomed more than 115 per cent in just 3 years.
Shares of Patel Engineering witnessed a substantial surge on Wednesday, surging by 5 per cent to reach a new 52-week high of Rs 30 per share on the BSE. This surge was accompanied by a notable rise in trading volume.
In Q4FY23, the company’s net sales surged by 14.32 per cent from last year’s same quarter to Rs 1,192.18 crore. The EBITDA level of the company stood at Rs 176 crore, witnessing a growth of 13.4 per cent from March 2022 quarter. The net profit of the company skyrocketed 128 per cent from corresponding quarter last year to Rs 84.08 crore.
Rupen Patel, the Chairman & Managing Director of Patel Engineering Limited, acknowledged the results, stating that the current year had been exciting due to the addition of new projects, which significantly boosted the company's order book to an unprecedented level of over Rs 20,000 crore. The company achieved notable enhancements in revenue and profit figures, illustrating its business's robustness and adaptability in a highly competitive market. Looking ahead, the company remains committed to achieving exponential growth in the infrastructure segment, contributing to the overall economic development of the country.
On June 05, 2023, the company informed the exchange that they have been awarded the Letter of Acceptance (LOA) from City and Industrial Development Corporation (CIDCO) for the construction of a 6.70 km long treated water tunnel and associated works from Sai Village to Vindhane Village in Raigad District, Maharashtra. The water tunnel project worth Rs 519.50 crore is going to be executed without any joint venture partnership.
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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 zoomed more than 115 per cent in just 3 years. Moreover, the stock has shown significant buying activity in the past 3 months, with the stock surging more than 95 per cent. Keep a close eye on this trending stock.