Patel Engineering announced that it has been awarded a Rs 2461 crore contract for the works “Construction of Diversion Tunnel, Concrete Gravity Dam, Intake, Pressure Shafts, Power House & Tailrace Underground Tunnel (Lot 1) for Kwar HE Projects in District Kishtwar, Jammu and Kashmir.
Following the announcement, the stock jumped 5 percent and locked at that level. This comes after some over the counter sales in recent months. Although, in the last year, it is still up 54 percent.
Shares of Matrimony.com, which runs the matchmaking website of the same name, posted gains on Thursday. It also announced the repurchase of shares at a price much higher than the prevailing prices.
“The Board of Directors, subject to the approval of the Shareholders of the Company, has recommended a repurchase of equity shares not exceeding Rs 75 crore at an indicative maximum repurchase price not exceeding Rs 1,150,” the company said. in a regulatory document.
The buyback price compares with the 667 rupees it traded on Thursday and translates to a 72 per cent premium. Hence, the stock jumped on Friday by 15 per cent to Rs 769 at BSE on Friday.
Sale of assets
Shares of were in demand on Friday after the company said it will sell one of the ships it owns.
“The Great Eastern Shipping Company Limited (GE Shipping) has contracted for the sale of its mid-size gas carrier Jag Vijaya built in 1997 of approximately 35,421 cbm. The vessel will be delivered to the new buyer in the first half of fiscal year 2022-23,” she said in a regulatory filing.
Including the Jag Vijaya, the company’s current fleet numbers 45 vessels, comprising 31 tankers (8 tankers, 18 product tankers, 5 LPG tankers) and 14 bulk carriers (2 Capesize, 7 Kamsarmax, 5 Supramax) aged mean of 12.66 years. adding 3.57 million dwt, he added.
The stock was up 4 percent after the disclosure.