This small-cap stock zooms 15 per cent, after Vijay Kedia buys a stake in the firm!
As of December 31, 2022, the company has an order book of Rs 16,809 crore.
Vijay Kedia, an Indian ace investor buys stack in Patel Engineering Limited, which 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 in the public shareholder of the company. Kedia Securities Private Limited hold 10000000 fully paid-up equity shares which represent 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 fitted perfectly in his investing style.
The company's business is in the infrastructure sector, which is currently booming in India. The major infrastructure boom in India is mainly because of the Indian government's proposed expenditure for infrastructure is Rs 10 lakh crore for FY24, with a focus on railways and transportation infrastructure projects.
As of December 31, 2022, Patel Engineering has an order book of Rs 16,809 crore which the company expects to cross Rs 20,000 crore in the coming quarters, given the focus on infrastructure. A 15 per cent YoY growth in revenue is also expected for FY24.
Today, the stock opened at Rs 15.61, with a high and low of Rs 17.95 and Rs 15.42. The stock is currently trading at Rs 17.17, up by 13.11 per cent over its previous close of Rs 15.18.