Penny Stock: Shares of construction company Patel Engineering are in focus today on Monday. A huge fall has been recorded in the company’s shares today. The company’s shares fell by 12% today. These shares had reached a low of Rs 60.67 intraday. The reason behind this fall in shares is the change in the management of the company. In fact, after the death of the company’s promoter and chairman on Friday, Patel Engineering announced changes in its directorate and management on Sunday. The company has given this information to the market. After this, a huge decline is being seen in this stock today on Monday.
What did the company say?
According to the company’s exchange filing, Janaki Patel has been appointed as the new chairperson of Patel Engineering following the demise of her husband and company Chairman and Managing Director (CMD) Rupen Patel. The company said in a statement that Rupen Patel died on Friday night. After this, his wife Janaki Patel has been appointed chairperson of the company. The company said that Janaki is a graduate from Mumbai University. She will assume the position of Non-Executive Chairperson and will lead the company with the same dedication and integrity as her husband to ensure uninterrupted operations of the company during these difficult times. Kavita Shirwaikar has been appointed as the acting MD of the company. She has stepped down from her previous role as the company’s chief financial officer.
This stock fell from ₹ 38 to ₹ 1, now it is loot to buy for 5 days, 10% upper circuit imposed
This share can go to ₹ 145, the company will share profits, next week is very special
march quarter results
Patel Engineering Limited’s cumulative net profit after tax increased by 78 percent to Rs 140.35 crore in the March quarter of the last financial year. Its net profit after tax from continuing operations during the same period was Rs 78.83 crore. The company’s operating income increased by 11 per cent to Rs 1,343.18 crore during the January-March 2024 quarter from Rs 1,205.06 crore in the same quarter of the previous financial year. The company had total orders worth Rs 18,663 crore till March 31, 2024.
(with agency input)