Vijay Kedia's penny stock on fire; zoomed and got locked at 5 per cent upper circuit today post announcing new order!

The stock has witnessed heavy buying as it zoomed more than 95 per cent in just 3 years

On Monday, shares of Patel Engineering saw its shares surge by 5 per cent reaching an intraday high of Rs 27.22 apiece on BSE. The surge was accompanied by a significant increase in trading volume.

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.

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.

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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 95 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 75 per cent. Keep a close eye on this trending stock.