Multibagger penny stock below Rs 30: This micro-cap company bags new orders worth Rs 78,70,000 from Government of West Bengal!

The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 12.3 per share.

On Friday, shares of Mehai Technologies Ltd hit a 5 per cent upper circuit to Rs 30.58 per share from its previous closing of Rs 29.13. The stock has a 52-week high of Rs 30.67 and a 52-week low of Rs 12.3. The shares of the company saw a spurt in volume by more than 1.22 times on BSE.

The sudden rise in the stock price was due to the company receiving prestigious orders from the Public Health Engineering Directorate, Government of West Bengal, AlIPOre Division for the below-mentioned projects:

Enhanced Water Access in Raghudevpur: Successfully replaced the tubewell at pump house no. 2 in Raghudevpur W/S Scheme, utilizing direct rotary rig technology with P.V.C. pipes and resin-bonded gravel filters. Completed within 30 days and with a budget of approximately Rs 19.80 lakh.

Improved Water Security in Tentulberia: Replacement of the tubewell at pump house no. 1 in Tentulberia W/S Scheme is underway, employing the same efficient direct rotary rig method. The project is on track for completion within 30 days and has an estimated cost of Rs 19.80 lakh.

Augmenting Tentulberia's Water Capacity: Sinking a replacement tubewell at pump house no. 2 in Tentulberia W/S Scheme is bolstering the area's water infrastructure. Utilizing direct rotary rig and resin-bonded gravel filters, the project is set for completion within 30 days at a cost of approximately Rs 19.80 lakh.

JJM Arrives in Gopalnagar Uttar: Implementation of JJM in Gopalnagar Uttar W/S Scheme has commenced with the replacement of a tubewell at the 1" Tubewell site. The project timeline is 30 days, utilizing a direct rotary Rig with U.P.V.C. pipes and resin-bonded gravel filters, at a budget of approximately Rs 19.30 lakh.

Mehai Technology Ltd manufactures and sells lighting products. The company offers LED bulbs, tube lights, and power banks. Mehai Technology also renders after-sale services.

According to the financials, Mehai Technologies has a market cap of Rs 32 crore. The company reported positive numbers in its Quarterly Results and annual results. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 12.3 per share. In the recent trading sessions, the stock has hit back-to-back upper circuits. Investors should keep an eye on this micro-cap stock.

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