Rs 20,000 crore order book: Vijay Kedia gains Rs 2,40,50,000 in a single day in this small-cap multibagger stock as the company receives a new order!
The stock has gained nearly 377 per cent from its 52-week low and hence, turning out to be a multibagger.
Following a splendid Monday, the bullish momentum took a disconcerting turn on Tuesday as key Indian benchmark indices, Nifty and Sensex, witnessed a decline of 0.99 per cent and 1.11 per cent, respectively. Among the 11 sectors, seven concluded in the negative territory, with Nifty Energy and Financial Services leading the losses. Conversely, Nifty PSU Bank saw a surge in buying interest, while the Small-Cap index also attracted positive attention.
Amidst the vibrancy in the small-cap segment, Patel Engineering Ltd., a notable player specializing in civil construction with a focus on hydropower and irrigation, emerged as a standout performer. The stock exhibited a notable 3 per cent gain for the day.
In a significant development, Patel Engineering, in collaboration with its joint venture partner, announced the reception of letter of awards for the construction of Pipe Line Distribution Network for Nira Deoghar Right Bank Main Canal (Km 66 to Km 76 and Km 77 to Km 87) from Maharashtra Krishna Valley Development Corporation, Pune. The projects, previously declared as L1, hold a combined value of Rs. 436.42 crore, with Patel Engineering's share amounting to Rs. 174.57 crore. The location for these projects is in Maharashtra, specifically in the Satara district.
Noteworthy is the substantial investment by Kedia Securities, spearheaded by seasoned investor Vijay Kedia, holding 1.68 per cent of Patel Engineering shares, equivalent to 13,000,000 shares. With a positive upswing of Rs 1.85 per share on Tuesday, Mr. Kedia realized an impressive gain of Rs 2,40,50,000 in a single day. The stock has gained nearly 377 per cent from its 52-week low and hence, turning out to be a multibagger.
During a conference call, Patel Engineering's management shared that the company's current order book stands at a substantial Rs 20,000 crore. Additionally, in Q2FY24, the company secured a letter of award for the Dibang Multipurpose Project, boasting a capacity of 2,880 megawatts, located in Arunachal Pradesh and commissioned by NHPC. This project, labeled as India's largest hydropower initiative by the government, holds a total value of Rs 3,637 crores, with Patel Engineering's share amounting to Rs 1,818 crores.
Disclaimer: The article is for informational purposes only and not investment advice.
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