On Friday, Patel Engineering Ltd stock gained 6.17% to close at ₹ 57.24. The stock hit a high of ₹ 57.40 and a low of ₹ 54.76 during the day. Its 52-week high was ₹ 79 and lowest was ₹ 41.99. In the last 3 years, the stock has given a return of over 300%, while the BSE Small-cap index has gone up over 100%.
Agreement with RVNL
Patel Engineering Ltd has signed an agreement with Rail Vikas Nigam Limited (RVNL). RVNL is a government company under the Ministry of Railways which works in rail construction. Under this agreement, both the companies will work together on hydro and other infrastructure projects in India and abroad.
Highlights of the agreement
Working together: Patel Engineering and RVNL will work together on hydro and other infrastructure projects. Patel Engineering has a lot of experience in infrastructure and RVNL has expertise in rail and transport infrastructure. Collaboration: Both companies can participate in tenders either together or separately. When participating in tenders together, both companies will plan together. Better results: The aim of this agreement is to give better results in hydro and other infrastructure works.
About Patel Engineering Ltd.
Patel Engineering Ltd has been engaged in infrastructure work since 1980. The company builds dams, bridges, tunnels, roads and other major construction works. The company’s market cap is more than Rs 4,800 crore and its stock has given an annual return of about 70% in the last 3 years.
Recent company data
Q1FY25 Result: The company’s sales stood at Rs 1,101.7 crore in this quarter as against Rs 1,118.61 crore in the same quarter last year. At the same time, net profit increased by 26.1% to Rs 54.72 crore. Order Book: As of June 30, 2024, the company has orders worth Rs 1,79,019 million. Of these, 61.53% are for hydroelectric, 21.99% irrigation, 10.54% tunnel, 2.45% road and 3.49% other projects.
Decrease in Vijay Kedia’s stake
In June 2024, well-known investor Vijay Kedia has reduced his stake in the company to 1.48% from 1.55% in March 2024. It is worth noting that 88.7% of the promoters’ stake in the company is pledged.
Disclaimer: This information is for your information purposes only and should not be construed as investment advice.
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