Market movers: Matrimony shares spike 15%; Patel Engineering will get huge order

NEW DELHI: Enterprise progress of all corporations is contingent upon how a lot new orders they will get. In that approach appears to be doing fairly effectively, and buyers are paying attention to the very fact too.

Patel Engineering introduced that it has bagged a Rs 2,461 crore contract for the works of “development of diversion tunnel, concrete gravity dam, consumption, strain shafts, underground Energy Home & Tailrace Tunnel (Lot 1) for Kwar HE Projects in District Kishtwar, Jammu & Kashmir.

Following the announcement, the inventory jumped 5 per cent and was locked at that degree. This comes after some promoting within the counter in the previous few months. Although, within the final one 12 months, it’s nonetheless up 54 per cent.

Massive premium

Shares of Matrimony.com, which manages the matchmaking web site by the identical identify, introduced its earnings on Thursday. It additionally introduced buyback of shares at a a lot increased value than the prevailing costs.

“The Board of Directors, topic to approval by the Shareholders of the Firm, have really helpful a buyback of Fairness Shares not exceeding Rs 75 crores at an indicative most buyback value not exceeding Rs 1,150,” the corporate mentioned in a regulatory submitting.

The value of buyback compares with Rs 667 that it traded on Thursday and interprets right into a premium of 72 per cent. Thus, the inventory jumped on Friday by 15 per cent to Rs 769 on BSE on Friday.

Promoting property

Shares of was in demand on Friday after the corporate mentioned will probably be promoting one of many vessels it owns.

“The Nice Japanese Delivery Firm Restricted (G E Delivery) has contracted to promote its 1997 constructed Midsize Gas Carrier Jag Vijaya of about 35,421 cbm. The vessel can be delivered to the brand new purchaser in H1 FY 2022-23,” it mentioned in a regulatory submitting.

Together with Jag Vijaya, firm’s present fleet stands at 45 vessels, comprising 31 tankers (eight crude carriers, 18 product tankers, 5 LPG provider) and 14 dry bulk carriers (2 Capesize, 7 Kamsarmax, 5 Supramax) with a median age of 12.66 years aggregating 3.57 mn dwt, it added.

The inventory rose four per cent following the disclosure.