Vijay Kedia portfolio stock: Heavy buying witnessed in this small-cap stock post bagging 2 huge orders!

The stock has witnessed heavy buying as it has zoomed more than 51 per cent in just 1 month

Patel Engineering saw its shares surge more than 8 per cent on Thursday, May 04, 2023, reaching an intraday high of Rs 22.95 per share. This surge was accompanied by a significant increase in trading volume.   

On May 04, 2023, the company announced that, along with its joint venture partners, it has been granted a Letter of Acceptance for Tumkur Branch Canal Micro Irrigation Project by Visvesvaraya Jala Nigama Limited (VJNL) and Sher Micro Irrigation Project by Water Resources Department, Government of Madhya Pradesh. The aforementioned projects were previously declared as L1.   

The company holds a 51 per cent stake in the Joint Venture for Tumkur Branch Canal project, with a share worth Rs. 158.68 crore and a 35 per cent stake in the Joint Venture for Sher Micro Irrigation Project, with a share worth Rs 349.56 crore.  

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 has zoomed more than 51 per cent in just 1 month. Keep a close eye on this trending stock.