MEP Infrastructure lowest bidder for three NHAI projects

Infra management company MEP Infrastructure Developers came up as the lowest bidder for three National Highways Authority of India projects, according to reports. However, in line with the broader markets, the stock remained in the negative territory through out the trade session.

According to reports, MEP Infrastructure in a joint venture has become a preferred bidder for three hybrid annuity projects worth Rs. 2,921 crore in Maharashtra. The projects are likely to be executed over a period of two years.

The company posted a substantial rise in its revenue to Rs. 531.18 crore in the third quarter of the fiscal year 2018 against Rs. 211.64 crore in the second quarter of FY18 and Rs. 175.18 crore in the third quarter of FY17, respectively.    

In Friday’s trade, the company hit an intraday low of Rs. 74.45 per share and an intraday high of Rs. 76 per share, still lower than its previous close on BSE. The stock had touched its 52-week high of Rs. 148 per share on July 10, 2017 and its 52-week low of Rs. 50.20 per share on March 24, 2017 on BSE, respectively.

The stock closed at Rs. 76 per share, down by 2.06 per cent on BSE on Friday. Meanwhile, S&P BSE Sensex ended at 32,596.54 level, lower by 1.24 per cent and NSE Nifty50 closed at 9,998.05 level, down by 1.15 per cent.