Multibagger penny stock below Rs 15: This civil construction company bags new order worth Rs 20,74,73,044 from Office of the Executive Engineer, Public Work Department, M.P.

The stock gave multibagger returns of 233 per cent from its 52-week low of Rs 3.55 per share.

Madhav Infra Projects Limited informed that the company has received a letter of acceptance for the construction of a railway over bridge in place of level crossing No. 25 of the Bina- Katni section between Sagar Bus Stand to Sadar Bazar Road Near Dimple Petrol Pump in Sagar City Distt. Sagar (M.P.) from Office of the Executive Engineer, Public Work Department, Bridge Construction Division SAGAR (M.P.). The order is worth Rs 20,74,73,044 and will be completed within 28 months.

Today, shares of Madhav Infra Projects Limited plunged 0.34 per cent to Rs 11.82 per share from its previous closing of Rs 11.86 per share with an intraday high of Rs 12.45 and an intraday low of Rs 11.27. The stock’s 52-week high is Rs 15 per share while its 52-week low is Rs 3.55 and saw a spurt in volume by more than 12.11 times on BSE.

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.

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 (Q1FY24) and annual results (FY23) was strong, with significant growth in net sales and net profit.

The stock gave multibagger returns of 233 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.