7.29% Down
LTP: Rs 377.70 M Cap: Rs 2,253cr
In the past fortnight there has been more than 250 per cent increase in average delivery to 29,300 shares, while average trading volumes declined by 8 per cent to 12,800 shares. The stock has declined more than 65 per cent since its January 2008 high of Rs 1,070 and it is
trading at a price-to-earnings ratio of 1 7x and 14x of its FY09 and FY10 earnings. Patel Engineering, which provides a range of civil engineering services including design, construction of power houses, hydroelectric projects and commercial buildings, is close to acquiring a mid-sized mine in Indonesia for Rs 1 billion and the mine will be used for company’s proposed 1200 mw power plant in Gujarat. The company’s revenues increased by 20 per cent to Rs 396 crore and net profit by 18 per cent to Rs 31 crore in the first quarter of FY09.
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