Hot Stock: Patel Engineering Limited Reports Strong Profits in March Quarter
Patel Engineering Limited has reported a significant increase in net profit for the March quarter of the previous financial year. The company’s net profit increased by 78% to ₹140.35 crores, compared to ₹78.83 crores in the same period last year.
The company’s operating revenue for the January-March 2024 quarter also saw a growth of 11% to ₹1,343.18 crores, up from ₹1,205.06 crores in the previous financial year. As of March 31, 2024, the company had an order book of ₹18,663 crores.
On Tuesday (May 21, 2024), Patel Engineering’s shares were trading up by 6.33% at ₹62.30.
The management of Patel Engineering has also undergone a change, with Kishan Lal Daga being appointed as an additional and full-time director of the company. The proposal is subject to approval by shareholders, and Daga’s appointment is for a three-year term starting from June 15, 2024.
During this period, Patel Engineering has acquired a 10% strategic stake in a startup tunnel boring machine supply company.
Investors showed strong buying interest in Patel Engineering’s shares on Saturday, during a special trading day, causing the stock to close at ₹58.59 with a 2.20% increase. Brokerage houses are bullish on this stock, with Domestic Brokerage of India Direct and Hem Securities predicting the stock could reach up to ₹80. The stock had touched a high of ₹79 on February 6, marking a 52-week high for the stock.
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