Patel Engineering surged 11.01% to Rs 55.95 at 13:30 IST on BSE after the company said its joint venture company, AGE-PATEL bagged orders worth Rs 2376.85 crore.
The announcement was made after market hours on Friday, 20 May 2016.Meanwhile, the BSE Sensex was up 13.54 points, or 0.05%, to 25,315.44.
High volumes were witnessed on the counter. On BSE, so far 3.22 lakh shares were traded in the counter, compared with an average volume of 48,143 shares in the past one quarter. The stock hit a high of Rs 58.45 and a low of Rs 55.60 so far during the day. The stock hit a 52-week high of Rs 86.40 on 15 July 2015. The stock hit a 52-week low of Rs 48.45 on 12 February 2016. The stock had underperformed the market over the past one month till 20 May 2016, falling 13.48% compared with Sensex's 2.1% fall. The scrip had also underperformed the market in past one quarter, dropping 0.98% as against Sensex's 6.72% rise.
The small-cap company has an equity capital of Rs 7.68 crore. Face value per share is Re 1.
Patel Engineering said that its joint venture firm, by the name AGE-PATEL formed along with AGE Construction and Trading Inc., a Turkish company has secured orders for two projects totalling Rs 2376.85 crore. The company's share in the joint venture is 49%. Both the contracts are required to be completed within 36 months from the date of issue of letter of acceptance (LOA).
Patel Engineering's net profit surged 1136% to Rs 3.09 crore on 7.9% rise in net sales to Rs 561.28 crore in Q3 December 2015 over Q3 December 2014.
Patel Engineering's works span tunneling, underground works for hydropower generation, irrigation and urban infrastructure projects. The company has established a significant international presence through its technology centric subsidiaries in US and has executed projects across Arabian Gulf, Sri Lanka, Nepal, and Bhutan. With its integrated service the company is well positioned to benefit from the government's planned investment in the infrastructure sector.
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