Multibagger penny stock below Rs 10: This civil construction company bags solar power order worth Rs 329.73 crore from Gujarat Industries Power Company Ltd

The stock gave multibagger returns of 180 per cent from its 52-week low of Rs 3.55 per share.

Madhav Infra Projects Limited has been awarded a contract for a Solar Power Generation Project by Gujarat Industries Power Company Limited (GIPCL). The project involves the design, engineering, supply, construction, erection, testing, commissioning and subsequent operation and maintenance of a 75 MW (AC) solar power plant at Vastan near SLPP Tal-Mangrol District, Surat, Gujarat, for a total contract value of Rs 329.73 crore. The project will be executed on an Engineering, Procurement and Construction (EPC) basis with a completion period of 330 days.

On Friday, shares of Madhav Infra Projects Limited hit a 2 per cent upper circuit to Rs 9.94 per share from its previous closing of Rs 9.75 per share. The stock’s 52-week high is Rs 15 per share while its 52-week low is Rs 3.55. In the recent trading sessions, the stock has been hitting back-to-back upper circuits.

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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 300 crore. The company's financial performance in its Quarterly Results (Q3FY24) and annual results (FY23) was strong, with significant growth in net sales and net profit.

As of March 2024, the promoters of the company own a 68.81 per cent stake and the rest 31.19 per cent stake is owned by public shareholders. The stock gave multibagger returns of 180 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.