Multibagger penny stock under Rs 60: This small-cap civil construction bags new order worth Rs 202.30 crore!
Ace investor Vijay Kedia has increased his stake in the company from 1.29 per cent to 1.68 per cent share of the company.
Shares of Patel Engineering Limited were locked in the upper circuit on Friday, gaining 5.00 per cent. On Friday, the company informed in the exchange filing, that the company had bagged an order worth Rs 202.30 crore. The order is received from Maharashtra Krishna Valley Development Corporation, Pune for the work involving the construction of a pipeline distribution network for Nira Deoghar Right Bank. The order is won by Patel Engineering’s joint venture, with a share of 40 per cent. This order is an addition to the company's previous order worth Rs 249.96 crore. The total combined value of the project stands at 452.26 crore, from which Patel Engineering’s share stands at Rs 180.90 crore.
Patel Engineering Limited is a 74-year company established in the year 1949 and has a strong presence in tunnels and underground works for hydroelectric and dam projects. The company has a consistent track record in the execution of projects in the domestic and international arena.
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In the recent quarter, the company's revenue stood at Rs 1118.43 crore which grew by 24.14 per cent YoY. The operating profit of the company stood at Rs 188.39 crore, while the PAT of the company stood at Rs 54.00 crore, representing an impressive growth of 64.3 per cent YoY. The company has an order book of Rs 20,000 crore.
Shares of Patel Engineering Limited have also delivered multibagger returns to its shareholders in just six months of about 273 per cent. While in the last one year, the stock has gained more than 130 per cent. Ace investor Vijay Kedia has increased his stake in the company from 1.29 per cent of the company to 1.68 per cent share of the company.
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.
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