Vijay Kedia’s Patel Engineering stake tops 1 crore shares as stock extends rally

Patel Engineering shares extended their recent gains after the infrastructure and civil construction company said a joint venture won a new contract in Maharashtra. The stock rose more than 7% on the BSE to 30.68 rupees on Wednesday and has climbed more than 15% over the past five trading sessions.

Investor Vijay Kedia has built a holding of 1,00,25,099 shares in the company, equal to a 1.01% stake, according to the latest reported shareholding data. His investment vehicle, Kedia Securities Pvt Ltd, holds the shares. The stake makes Patel Engineering one of the larger positions in Kedia’s portfolio.

The latest boost came after Patel Engineering said its joint venture received a letter of award worth 126.37 crore rupees from the Maharashtra Krishna Valley Development Corporation for the Tasgaon lift irrigation scheme. Patel Engineering’s 51% share of the project works out to 64.45 crore rupees. The project covers irrigation and water distribution work in Satara district and is scheduled for completion within 48 months.

The company has won several other orders in recent months, including a hydroelectric project in Nepal, a project in Bhutan and work related to the Renuka Ji dam project. Patel Engineering has also previously issued bonus shares, including in 2001 and 2004.