Penny stock below Rs 25: Shares of this construction company zoomed over 6 per cent after receiving multiple orders worth Rs 451.28 crore!

Kedia Securities Private Limited owned by "Vijay Kedia" brought 1.29 per cent stake in this company in March quarter (Q4).

Today, shares of Patel Engineering Ltd zoomed 6.09 per cent to an intraday high of Rs 21.11 per share. The shares of the company are currently trading at Rs 20.50 per share, up 3.01 per cent. The stock has a 52-week high of Rs 26.66 and a 52-week low of Rs 13.10. 

Patel Engineering Limited, a civil construction company specialized in the hydropower and irrigation sector, today announced that, the company along with its Joint Venture Partners have received letter of awards (LOAs) for Krishna Marathwada Irrigation Project – Lift Irrigation Scheme 01 and Krishna Marathwada Irrigation Project – Lift Irrigation Scheme 02 respectively from Water Resources Department, Government of Maharashtra, where the Joint Ventures were declared L1 (Lowest bidders) earlier. 

The Company being 51 per cent partner in a JV in Scheme 01 Project and 60 per cent partner in a JV in Scheme 02 Project, share in aggregate for these two projects is Rs 451.28 crore. 

Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works. Recently, Kedia Securities Private Limited owned by "Vijay Kedia" brought 1.29 per cent stake in this company, aggregating to Rs 21 crore as of March quarter (Q4).

Talking about the financials, this firm has a market cap of Rs 1,570 crore with a low PE multiple of 14.78. The company reported excellent numbers in both Quarterly Results and annual results. 

The stock is up by 47 per cent in just 1 month. Investors should keep an eye on this Small-Cap stock.