Patel Engineering: Market Movers: Matrimony shares rose 15%; Patel Engineering

New Delhi: Business growth of all companies depends on how many new orders they can get. This seems to be working quite well, and investors are also noticing the truth.

Patel Engineering has announced that it has received a contract worth Rs 2,461 crore for construction of diversion tunnel, concrete gravity dam, intake, pressure shaft, underground power house and tailrace tunnel (Lot 1) for Kwar HE projects in Kishtwar, Jammu district.

After the announcement, the stock jumped 5 percent and locked at that level. It comes after some sales at the counter over the last few months. However, in the last one year, it has increased by 54 percent.

Big premium

Shares of Matrimony.com, which operates a matchmaking website of the same name, announced its earnings on Thursday. It has announced a share buyback at a much higher price than the conventional price.

“The Board of Directors, subject to the approval of the shareholders of the company, has recommended to buy back equity shares not exceeding Rs. 75 crore, an indicative maximum buyback value not exceeding Rs.

The buyback is priced at Rs 667 compared to the one it traded on Thursday and translates to a 72 per cent premium. Thus, the stock rose 15 per cent to Rs 769 on the BSE on Friday.

Assets sold

Shares were in demand Friday after the company spoke of selling a ship it owned.

“The Great Eastern Shipping Company Limited (GE Shipping) has entered into an agreement to sell its 1997 Midsize Gas Carrier Jug Vijaya of about 35,421 CBM. The ship will be delivered to a new buyer on H1 FY 2022-23, “the regulator said in a filing.

Including Jug Vijaya, the company’s current fleet consists of 45 ships, including 31 tankers (8 crude carriers, 18 cargo tankers, 5 LPG carriers) and 14 dry bulk carriers (2 Capsize, 7 Comsarmax, 5 Supramax) with an average age of 126 years. Total 3.57 mn dwt, it added.

The stock has risen 4 percent since its release.