 "Patel Engineering zooms over 100% in 7-days")
Patel Engineering was locked in upper circuit for the six straight trading session, up 5% at Rs 108 on the BSE, on back of heavy volumes.
The stock of construction & engineering company is currently trading at its fresh 52-week high, rallied 127% in past seven trading sessions from Rs 47.60 on August 31, after the company said that its debt will come down by more than half after Cabinet's decision which requires government agencies to pay 75% of arbitral awards to infrastructure companies. The BSE S&P Sensex is down 0.21% during the same period.
Patel Engineering has won arbitration awards in excess of Rs 2,500 crore. With the recent cabinet decision, the company will get 75% of this amount immediately which will be utilised to retire debt," Patel Engineering said in a press release on September 1.
Further, claims approximating to Rs 5,000 crore in the arbitration process and expected the amount to be monetized within next 12 to 18 months based on the Cabinet decision. The same will be utilised to reduce the debut even further, it added.
The company said its total standalone debt as on March 31, 2016 stood at Rs 4,535 crore approximately.
Till 10:10 am, a combined 3.7 million shares changed hands against an average 3.2 million shares that were traded daily in past two weeks on the BSE and NSE. There were pending buy orders for 331,256 shares on both the exchanges.
The stock of construction & engineering company is currently trading at its fresh 52-week high, rallied 127% in past seven trading sessions from Rs 47.60 on August 31, after the company said that its debt will come down by more than half after Cabinet's decision which requires government agencies to pay 75% of arbitral awards to infrastructure companies. The BSE S&P Sensex is down 0.21% during the same period.
Patel Engineering has won arbitration awards in excess of Rs 2,500 crore. With the recent cabinet decision, the company will get 75% of this amount immediately which will be utilised to retire debt," Patel Engineering said in a press release on September 1.
Further, claims approximating to Rs 5,000 crore in the arbitration process and expected the amount to be monetized within next 12 to 18 months based on the Cabinet decision. The same will be utilised to reduce the debut even further, it added.
The company said its total standalone debt as on March 31, 2016 stood at Rs 4,535 crore approximately.
Till 10:10 am, a combined 3.7 million shares changed hands against an average 3.2 million shares that were traded daily in past two weeks on the BSE and NSE. There were pending buy orders for 331,256 shares on both the exchanges.
