Market movers: Matrimony shares spike 15%; Patel Engineering gets big order

Patel Engineering announced that it has bagged a Rs 2,461 crore contract for the works of “construction of diversion tunnel, concrete gravity dam, intake, pressure shafts, underground Power House & Tailrace Tunnel (Lot 1) for Kwar HE Projects in District Kishtwar, Jammu & Kashmir.

Following the announcement, the stock jumped 5 per cent and was locked at that level. This comes after some selling in the counter in the last few months. Though, in the last one year, it is still up 54 per cent.

Big premium

Shares of Matrimony.com, which manages the matchmaking website by the same name, announced its earnings on Thursday. It also announced buyback of shares at a much higher price than the prevailing prices.

“The Board of Directors, subject to approval by the Shareholders of the Company, have recommended a buyback of Equity Shares not exceeding Rs 75 crores at an indicative maximum buyback price not exceeding Rs 1,150,” the company said in a regulatory filing.

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

Selling assets

Shares of was in demand on Friday after the company said it will be selling one of the vessels it owns.

“The Great Eastern Shipping Company Limited (G E Shipping) has contracted to sell its 1997 built Midsize Gas Carrier Jag Vijaya of about 35,421 cbm. The vessel will be delivered to the new buyer in H1 FY 2022-23,” it said in a regulatory filing.

Including Jag Vijaya, company’s current fleet stands at 45 vessels, comprising 31 tankers (8 crude carriers, 18 product tankers, 5 LPG carrier) and 14 dry bulk carriers (2 Capesize, 7 Kamsarmax, 5 Supramax) with an average age of 12.66 years aggregating 3.57 mn dwt, it added.

The stock rose 4 per cent following the disclosure.