Upper Circuit: Multibagger Construction Stock Under Rs 65 Bags LoA For 1,275 Cr Project

Small cap stock operating in construction sector, Patel Engineering Ltd on Tuesday locked in upper circuit after the company along with the JV Partner received letter of award for Urban Infrastructure Development Project of Rs. 1,275.30 crores from Madhya Pradesh Jal Nigam, which was declared as L1 earlier, as per the BSE filing of the company.

"The Company being 35% partner in the JV, our share in the project is Rs. 446.36 crores," added the BSE filing of Patel Engineering.
When it comes to the time period, the project is to be completed in a period of 24 months and further operations and maintenance for the whole scheme to be carried out for a period of 10 years.

Patel Engineering Stock Outlook & Return: Last trading price of Patel Engineering share is Rs 58.35 per share with intraday gain of 4.98%. Its 52-week high price is Rs 62.11 and 52-week low price is Rs 13.10 per share, respectively. Its market capitalisation is Rs 4,514.06 crore. Patel Engineering stock witnessed a gain of 114% in last 3-months, soared 277% in last 6-months, offered 140% return in last 1-year, gained 307% in last 2-years, and soared 384% in last 3-years.

Patel Engineering Financials: The company for the quarter ended June 30, 2023 announced its consolidated total income at Rs 1136.43 crore, down 14.31% as against its last quarter total income of Rs 1326.19 crore. It announced its latest quarter net profit after tax at Rs 42.03 crore.

About The Company: Patel Engineering Ltd is a 73-years old company established in the year 1949 and have evolved as a construction company specializing in the hydro power generation and irrigation segments. We are engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works and have executed a variety of infrastructure projects in the hydro power, irrigation and water supply, urban infrastructure and transportation segments primarily as civil contractors.

Disclaimer

The stock just highlights the rally after it bagged new project and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for ay losses. Please consult a professional advisor.