This Vijay Kedia-backed smallcap stock surges 13% in 2 days after signing MoU with RVNL

Shares of Vijay Kedia’s portfolio stock Patel Engineering surged 13% in 2 days to a high of Rs 60.71 on BSE today after the company on Thursday had announced that its signed a Memorandum of Understanding (MoU) with RVNL to collaborate on Hydro and other infrastructure projects.

“The agreement outlines a framework for collaboration between the Company and RVNL to leverage each other’s strengths and capabilities in pursuing hydro and other infrastructure projects. Under this MOU, both parties will explore opportunities to work together in various capacities,” said the company in a filing to the exchanges.

The parties will also have the flexibility to participate in tenders and project bids either jointly or separately.


“When bidding together, both entities will align on the bidding strategy, structure, and terms of the collaboration, ensuring a unified approach to project execution,” the exchange filing read.

Also read: IndiGo bulk deals effect: FTSE raises weight, MSCI may follow suit

“The signing of this MOU signifies a milestone in the collaborative efforts between a private and a public sector to advance infrastructure development in India and beyond. The Company is dedicated to exploring and capitalizing on opportunities that align with its strategic objectives and contribute to sustainable infrastructure growth,” the company said in its filing.

For the quarter ended June 2024, 36% of the company’s equity is held by the promoter and the promoter group while 59.5% equity is in the public’s hands. The remaining 4.5% equity are the shares held by Employee Trust.

Among the public shareholders, notable names include Kedia Securities, owned by ace investor Vijay Kedia, holding a 1.4% stake in Patel Engineering.

In the last one year, shares of Patel Engineering have gained 4.7% while in the current year so far, they have decreased by 8.9%. In the last 6 months, it has witnessed a decline of 13%.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)