Only Buyers: Multibagger Penny Stock at Rs 13.38 was locked in 10 per cent upper circuit on July 22
The stock gave multibagger returns of 153.4 per cent from its 52-week low of Rs 5.28 per share.
Today, the shares of Madhav Infra Projects Limited was locked in 10 per cent upper circuit to Rs 13.38 per share from its previous closing of Rs 12.17 per share. The stock’s 52-week high is Rs 15 per share while its 52-week low is Rs 5.28. The shares of the company saw a spurt in volume by more than 2.62 times on BSE and has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces.
Earlier in May 2024, MIPL has been awarded a contract by NTPC-SAIL Power Company Limited (NSPCL), a domestic entity, to design, engineer, procure, construct, install, commission, operate, and maintain a 15 MW floating solar photovoltaic (PV) project at the Maroda Reservoir-I in Bhilai, Chhattisgarh. The contract value is Rs 90,34,88,913 (Ninety Crores Thirty-Four Lacs Eighty-Eight Thousand Nine Hundred Thirteen) and must be completed within 12 months. This is not a related party transaction for MIPL.
Furthermore in April 2024, the company was 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.
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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 Rs 360 crore. The company announced positive numbers in its Quarterly Results (Q4FY24) and annual results (FY24).
As of June 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 153.4 per cent from its 52-week low of Rs 5.28 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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