Multibagger penny stock under Rs 50 hit lower circuit after company bagged an order worth Rs 61,02,41,078 from Tata Steel Ltd

The stock gave multibagger returns of 273 per cent from its 52-week low of Rs 12.34 per share and a whopping 790 per cent in 3 years.

On Wednesday, shares of Modern Engineering and Projects Limited hit a 5 lower circuit to Rs 45.97 per share from its previous closing of Rs 48.38 per share. The stock’s 52-week high is Rs 87.25 and its 52-week low is Rs 12.34. The shares of the company saw a spurt in volume by more than 5 times on BSE.

Modern Engineering and Projects Limited (MEPL) has secured a significant contract worth Rs 61,02,41,078 (excluding GST) from Tata Steel Limited. This contract entails the construction of a boundary wall at Meramandal, Odisha. The order is awarded to a domestic entity, MEPL, and is expected to be completed by October 31, 2027. The contract is considered an "arm's length transaction" and does not involve any related party interests.

Modern Engineering and Projects Ltd is a BSE-listed company with a complete focus on undertaking construction and development of infrastructure projects under Build, Operate and Transfer (BOT), Hybrid Annuity Mode (HAM) and others of National Highways Authority of India (NHAI).

The company has a market cap of Rs 71 crore and Debtor days have improved from 172 to 88.0 days. The stock gave multibagger returns of 273 per cent from its 52-week low of Rs 12.34 per share and a whopping 790 per cent in 3 years. Investors should keep an eye on this micro-cap stock.

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