Multibagger penny stock at Rs 11: This civil construction company bags solar PV order worth Rs 90,34,88,913 from NTPC-SAIL Power Company Limited

The stock gave multibagger returns of 161.3 per cent from its 52-week low of Rs 4.21 per share.

Madhav Infra Projects Limited (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.

Earlier, 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.

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 296.5 crore. The company announced positive numbers in its Quarterly Results (Q4FY24) and annual results (FY24).

Also Read: Debt-free drone company signs MoU with Chennai’s Zuppa Geo Navigation Technologies Pvt Ltd; details inside!

Today, the shares of Madhav Infra Projects Limited gained 0.18 per cent to Rs 11 per share from its previous closing of Rs 10.98 per share. The stock’s 52-week high is Rs 15 per share while its 52-week low is Rs 4.21. 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 161.3 per cent from its 52-week low of Rs 4.21 per share. Investors should keep an eye on this micro-cap stock.

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