The loss of Rupen Patel, the company’s managing director and chairman, caused the Patel Engineering share price to drop by more than 12% on Monday.
Late on Friday, July 5, Rupen Patel, 57, departed from this life. Patel Engineering made the announcement in a regulatory filing.
With effect from April 1, 2024, Patel was reappointed as the business’s chairman and managing director. The company noted that Patel contributed significant leadership positions that greatly helped the company.
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According to Patel Engineering, the company had profited from the critical leadership positions he had played.
One of India’s top integrated building and construction services corporations is Patel Engineering share price. The organisation possesses significant expertise in every facet of the infrastructure sector, including refineries, highways, bridges, highways, micro-runnels, tunnels, hydropower projects, townships, and real estate.
Janky Patel has been appointed as an additional director and non-executive by the Board of Patel Engineering, with effect from July 6, 2024, and the title of “Chairperson” of the firm.
Furthermore, with effect from July 6, 2024, Patel Engineering has named Kavita Shirvaikar as the Acting Director of Operations for the Corporation. She is no longer serving as the person in charge of finances (CFO).
Apart from that, Rahul Agarwal has been named by Patel Engineering as the company’s acting vice president of finance, with effect from July 6, 2024. The company announced in a statement that he will be designated as Key Managerial Persons/Senior Management People of the organisation in accordance with his appointment as CFO. (Patel Engineering share price)
Nearly all of the profits made in the current fiscal year have been lost by the decrease in Patel Engineering share price today. The share price of the company has not fluctuated much from its closing price of Rs 60.14 on December 29, 2023, despite a 14.7% increase up until Friday, July 5. In contrast, the BSE Sensex has increased by more over 10% so far in 2024.
The Patel Engineering share price peaked on January 4, 2008, at Rs 740, and fell to an unparalleled low of Rs 0.69 on the 13th of October 1995. February 6, 2024, saw the 52-week high of Rs 79 for Patel Engineering share price, while July 10, 2023, saw a 52-week lowest price of Rs 34.95.
Why is Patel Engineering failing?
Following the passing of Chairman & MD Rupen Patel, the Patel Engineering share price decreases by over 12%.
Who are Patel Engineering’s promoters:
Who is/are Patel Engineering Ltd.’s promoter(s)? Barendra Kumar Bhoi, K Ramasubramanian, Shambhu Singh, Tirth Nath Singh, Shobha Shetty, Kavita Shirvaikar, Rupen Patel, and Sunanda Rajendran are the promoter(s) of Patel Engineering.
Is it good to purchase stock in Patel Engineering:
Analyst ratings indicate that Patel Engineering Ltd. Share is rated as a “Buy” investment for the long run.
Does Patel Engineering have no debt:
Based on aggregated data from March 2023, PATEL ENGINEERING’s most recent total debt ratio is ₹1,752 Cr.
What is Patel Engineering’s restructuring:
In FY17 and FY18, Patel Engineering underwent both the Scheme for Sustainability Reconstruction of Stressed Assets (S4A) and Strategic Debt Restructuring (SDR). A portion of the debt had been transformed into OCDs and equity under the same. As part of the plan, the promoter regions had also invested ₹ 150 crore at the time.
What is Patel Engineering’s turnover:
Revenue: In Q4 of 2023–2024, Patel Engineers Ltd.’s revenue of ₹1,417.81Cr increased by 14.31% over the same period in the previous year. Patel Engineering Ltd. has experienced a 27.38% increase in revenue on an on-going increase basis over the last three months.
Who purchased a part of Patel Engineering:
According to the most recent shareholding pattern of the company, renowned investor Vijay Kedia possesses 1.42% of the shares in Patel Engineering as of the quarter that concluded on March 31, 2024.