Patel Engineering shares soared 20 percent on April 19 after large deals took place on the bourses. Approximately 3.65 million shares, representing 0.5 percent stake in the company, were exchanged in two bunches.
However, buyers and sellers could not be ascertained immediately.
Meanwhile, the shareholding pattern for the quarter ended December showed Kedia Securities, which is backed by marquee investor Vijay Kedia, owning 1.29 percent stake in Patel Engineering under public shareholders. This could have also boosted confidence for the stock, prompting a buying spree in the stock.
At 3:18 pm, shares of the company were trading 18.3 percent higher at Rs 17.95 on the BSE. The stock is up 21 percent in the past one week.
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Interestingly, promoters and Domestic Institutional Investors have been trimming their stake in the engineering company, while retail investors have been lapping up the stock. Promoters cut their stake to 39.4 percent as of March-end 2023 from 62.7 percent in June-end of 2020, while DIIs slashed their shareholding to 9.2 percent from 17.61 percent. In the meantime, public shareholders have raised their stakes in the company to 44.49 percent from 15.93 percent.
The company is one of the leading players in the civil engineering construction segment. It constructs dams, bridges, tunnels, roads, piling works, industrial structures and is engaged in other heavy civil engineering works.
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