Multibagger penny stock under Rs 60: This civil construction company bags new order worth Rs 1275.30 crore!

Shares of the company have jumped more than 200 per cent in the last six months.

Patel Engineering Limited and its joint venture partner Dilip Buildcon [DBL-PEL (JV)] have received a letter of acceptance (LOA) for a new Project of engineering procurement construction testing commissioning trial run and operation and maintenance for 10 years of Narmada Gambhir Multi Village Drinking Water Supply Scheme in District Ujjain. The order is worth Rs 1275.30 Crores. Patel Engineering is a 35 per cent (Rs. 446.36 crore) partner in the JV, while the rest 65 per cent (Rs 828.94 crore) share is with Dilip Buildcon.

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Shares of Patel Engineering Limited have also delivered multibagger returns to its shareholders in just six months of about 205 per cent. While in the last one year, the stock has gained more than about 130 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. Patel Engineering has a total order book of Rs 20,000 crore as of Q1FY24.

Dilip Buildcon Limited, incorporated in 2006, is presently in the business of development of infrastructure facilities on an Engineering Procurement and Construction basis (EPC) and undertakes contracts from various Government and other parties and special purpose vehicles promoted by the Company. Dilip Buildcon has a total order of Rs 24,051 crore as of Q1FY24.

And investors should keep a close eye on this stock.

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