Smallcap stock zooms over 18% after Vijay Kedia picks stake
ANI
Synopsis
Shares of Patel Engineering surged over 18% to Rs 17.9 after Kedia Securities, promoted by ace investor Vijay Kedia, bought 1 crore shares during the March quarter, giving it a 1.29% stake in the infrastructure and construction services company. Patel Engineering reported increased net sales of Rs 1,036.9 crore in Q3 FY2023 and made a net profit after tax of Rs 37.8 crore. Kedia publicly holds 17 stocks with a net worth of over Rs 818.8 crore, including Neuland Laboratories, Heritage Foods, and Atul Auto.
Shares of smallcap firm Patel Engineering rallied over 18% to Rs 17.9 in Wednesday's trade after Kedia Securities' name appeared on the shareholders' list of the civil construction firm. Kedia Securities is promoted by ace investor Vijay Kedia.
At 11.17 am, the stock was trading 13.2% higher at Rs 17.2 over its last day's closing price of Rs 15.2 apiece. However, in the last one year, the stock has declined over 29%, while it has plunged 12% in the last six months.
Patel Engineering is one of the major infrastructure and construction services companies in India. It has a breadth of experience encompassing all sectors of the infrastructure industry from dams, tunnels, hydroelectric projects, irrigation projects, highways, roads, bridges, railways, refineries to real estates and townships.
For the quarter ended December 31, the company reported consolidated net sales of Rs 1,036.9 crore, up 16% from last quarter's net sales of Rs 893 crore and up 18% from last year's same quarter net sales of Rs 877.9 crore. The company reported a net profit after tax of Rs 37.8 crore in the December quarter of the financial year 2023.
Technically, Patel Engineering is trading above 6 out of 8 SMAs. The stock was above its 5-day, 10-day, 20-day, 30-day, 50-day, and 100-day moving averages but below its 150-day, and 200-day moving averages.
As per the latest corporate shareholdings filed, Vijay Kishanlal Kedia publicly holds 17 stocks with a net worth of over Rs 818.8 crore, Trendlyne data showed.
Other stocks in which Vijay Kedia has holdings include Neuland Laboratories, Heritage Foods, Siyaram Silk Mills, Precision Camshafts, Repro India, Affordable Robotic & Automation and Atul Auto.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
ADVERTISEMENT
Data available on BSE shows that Kedia Securities bought 1 crore shares during the March quarter, translating into a 1.29% stake in the company.At 11.17 am, the stock was trading 13.2% higher at Rs 17.2 over its last day's closing price of Rs 15.2 apiece. However, in the last one year, the stock has declined over 29%, while it has plunged 12% in the last six months.
Patel Engineering is one of the major infrastructure and construction services companies in India. It has a breadth of experience encompassing all sectors of the infrastructure industry from dams, tunnels, hydroelectric projects, irrigation projects, highways, roads, bridges, railways, refineries to real estates and townships.
For the quarter ended December 31, the company reported consolidated net sales of Rs 1,036.9 crore, up 16% from last quarter's net sales of Rs 893 crore and up 18% from last year's same quarter net sales of Rs 877.9 crore. The company reported a net profit after tax of Rs 37.8 crore in the December quarter of the financial year 2023.
Technically, Patel Engineering is trading above 6 out of 8 SMAs. The stock was above its 5-day, 10-day, 20-day, 30-day, 50-day, and 100-day moving averages but below its 150-day, and 200-day moving averages.
ADVERTISEMENT
As per the latest corporate shareholdings filed, Vijay Kishanlal Kedia publicly holds 17 stocks with a net worth of over Rs 818.8 crore, Trendlyne data showed.
Stocks Recommendations
Other stocks in which Vijay Kedia has holdings include Neuland Laboratories, Heritage Foods, Siyaram Silk Mills, Precision Camshafts, Repro India, Affordable Robotic & Automation and Atul Auto.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
