Multibagger stock: Patel Engineering spiked over 300% in a year, delivered nearly 800% returns in 4 years
Patel Engineering, one of the major infrastructure and construction companies, was one such stock in this regard. After experiencing persistent selling pressure from January 2022 to February 2023, resulting in a 50% decline, the stock reversed its trajectory in the subsequent months and has since maintained a steady upward trajectory. Also Read: Six realty stocks delivered 100%-235% returns in FY24.
Do you own any? Over the past 12 months, the stock has surged from ₹14.95 per share to its current trading price of ₹63.10, delivering a return of 322%. In February, it reached a new seven-year high of ₹79 per share. This fabulous performance can be attributed to the company's robust order wins in recent months.
Taking the stock's March 2020 low of ₹7.10 apiece, the stock is currently trading with a gain of 788%. Patel Engineering Limited, established in 1949 and headquartered in Mumbai, is a renowned player in the civil engineering construction sector. The company specialises in constructing highways, bridges, tunnels, dams, airports, and various other infrastructure projects.
On March 02, the company secured a joint venture contract, with its share amounting to Rs. 267.93 crore out of the total order value of Rs. 525.36 crore.
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