Heavy buying witnessed in this multibagger penny stock under Rs 10; scrip hit back-to-back upper circuits & 52-week highs!

The shares of the company have a PE of 5.12x whereas the industry PE is 30.2x and gave multibagger returns of 110 per cent from its 52-week low of Rs 3.55 per share.

On Monday, shares of Madhav Infra Projects Limited gained 5 per cent upper circuit to Rs 7.47 per share from its previous closing of Rs 7.12 per share. The stock also made a new 52-week high of Rs 7.47 per share and saw a spurt in volume by more than 2.87 times on BSE.

In recent trading sessions, the stock is hitting back-to-back upper circuits and 52-week highs because “CHANCHAL DEVI LODHA” bought 1437504 shares of the company via bulk deal.

Earlier, Madhav Infra Projects Limited received an order worth Rs 22,88,56, 808 from the Office of The Executive Engineer Public Work (Department Bridge Construction Division 52-Chanayakapuri, Sachin Tendulkar Marg, Gwalior (M.P) and will be completed with 24 months from LOI. The order requires that all concrete pavement work be completed using a slip-form paver equipped with an electronic sensor, a fully computerized ready-mix concrete (RMC) plant of adequate capacity, and a mechanical arrangement for texturing. This means that the contractor must use modern and efficient equipment and methods to construct the pavement to a high standard of quality and durability.

Additionally, another order includes the construction of a railway over a bridge in lieu of level crossing No. 47 /SPL on Gun an Ashoknagar Road in district Ashoknagar which is worth Rs 21,82,67,378 and will be completed within 24 months from LOI.

Also read: Vijay Kedia gains Rs 4,83,31,875 from this multibagger penny stock below Rs 100 in just 21 days with robust order book worth Rs 2,961 crore; Do you own it?

Madhav Infra Projects Limited is engaged in the business of infrastructure development and solar power generation. It is the in-house EPC arm of the Madhav group. The company has a market cap of over Rs 200 crore. The company's financial performance in its Quarterly Results (Q1FY24) and annual results (FY23) was strong, with significant growth in net sales and net profit.

The shares of the company have a PE of 5.12x whereas the industry PE is 30.2x and gave multibagger returns of 110 per cent from its 52-week low of Rs 3.55 per share. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.