The shares of Patel Engineering have surged more than 10% since it received the order worth 1309 crore over the market capitalization of Rs 1,991.29 crore.
On May 4, Patel Engineering Ltd along with its joint venture partner, bagged Rs 311.13 crore Tumkur Branch Canal (Package-III) Micro Irrigation Project and Rs 998.75 crore Sher Micro Irrigation Project. Total value of the two contracts is estimated to be Rs 1,309.88 crore. The company’s share in these two orders aggregates Rs 508.24 crore.
As of December 31, 2022, Patel Engineering has an order book of Rs 16,809 crore. The company expects to cross Rs 20,000 crore in the coming quarters, given the focus on infrastructure. The company also expects its revenue to increase up to 15% on YoY basis.
The company has recently announced in the exchange filing about the board meeting to be held on May 15 to consider and approve Audited Financial Results for the quarter and financial year ended March 31, 2023.
Earlier during the quarter, Vijay Kedia, an Indian ace investor bought stakes in Patel Engineering. The company is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and others. In the latest shareholding pattern of the company, Kedia Securities Private Limited is the public shareholder of the company. Kedia Securities Pvt Ltd holds 10000000 fully paid-up equity shares which represents 1.29 per cent share of the company.
Vijay Kedia is very famous for his SMILE strategy which represents his investing style. SMILE translates into small in size, medium in experience, large in aspiration and extra-large in market potential and Patel Engineering Ltd fits perfectly in his investing style.
The stock has rallied from Rs 14.96 to Rs 26.00, representing a return of more than 70% in just one month. The BSE group ‘B’ stock of face value Rs 1 touched a 52-week high and low of Rs 26.66 and Rs 13.10, respectively. Last one week high and low of the scrip stood at Rs 26.29 and Rs 20.05, respectively.