From Rs 5.40 to Rs 15.30 Per Share in Just 1 Year: Multibagger Penny Stock Hit Back-to-Back Upper Circuits and Made Fresh 52-Week High on July 26

From Rs 5.40 (52-week low) to Rs 15.30 (52-week high), the stock gave multibagger returns of 183.33 per cent in just 1 year.

On Friday, the shares of Madhav Infra Projects Limited were locked in a 5 per cent upper circuit to Rs 15.30 per share from its previous closing of Rs 14.58 per share. The stock also made a fresh 52-week high is Rs 15.30 per share while its 52-week low is Rs 5.40. In recent trading sessions, the stock has been hitting back-to-back upper circuits and the company did not make 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 was 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.

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 412.46 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. From Rs 5.40 (52-week low) to Rs 15.30 (52-week high), the stock gave multibagger returns of 183.33 per cent in just 1 year. 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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