Patel Engineering Share Price Soars by 3% to ₹60.95
Patel Engineering Limited’s share price saw a 3% drop on Monday, reaching ₹60.95. The company’s shares have been providing investors with impressive returns over the past year, with the price increasing from ₹26 to its current level. According to brokerage firms, construction company shares could still see further growth.
Mehta Equities’ Senior Vice President Prashant Thakre stated that the share could trade within a target price range of ₹79-89. Previously, ICICI Direct had set a target price of ₹80 for the stock. Brokerage firms are hopeful that Patel Engineering Limited will receive strong orders in the coming days, as the company had orders worth ₹18,663 crore until March 31, 2024.
The 52-week high price for Patel Engineering Limited’s shares is ₹79, while the 52-week low is ₹24.75. Its market capitalization stands at ₹5,154.92 crore. The stock has provided a return of 260% over the past five years, although it has also experienced significant losses in the past. In 2008, the stock price was ₹657.
On Tuesday (May 28, 2024), the share was trading at ₹59.40, a 2.67% decrease. The company recently announced its results for the March quarter, reporting a 78% increase in consolidated net profit to ₹140.35 crore, up from ₹78.83 crore in the same period last year. The company’s operating revenue increased by 11% to ₹1,000 crore during the January-March 2024 quarter.
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
