Multibagger penny stock under Rs 70 hit upper circuit as company bags new order worth Rs 287,04,85,000 from Government of Jharkhand Water Resource Department

The stock gave multibagger returns of 139.44 per cent from its 52-week low of Rs 27 per share.

Rachana Infrastructure Limited is delighted to announce that the Company has been awarded a new project, the "Palamu Pipeline Irrigation Scheme (Package-II) on a turnkey basis with 10 years of operation, maintenance, and management (OMM)." This project, commissioned by the Government of Jharkhand Water Resource Department, entails comprehensive responsibilities for Rachana, including survey, design, supervision, management, execution, and operation with maintenance. The Company will sublet the project from LCC PROJECTS PRIVATE LIMITED, adhering to the terms and conditions of the subcontract. As a domestic entity, Rachana is committed to executing the pipeline irrigation scheme (Package-II) within two years from the date of agreement execution. The project, valued at Rs 287,04,85,000, represents a significant addition to Rachana's portfolio and reinforces the Company's position in the infrastructure sector.

Established in 2001, Rachana Infrastructure Ltd specializes in infrastructure projects and quarry mining. The company is an NSE SME Listed company and is certified under ISO 9001:2008. With a focus on road construction, area grading, and canal work, Rachana has secured contracts from both government agencies and private infrastructure companies across states like Gujarat, Madhya Pradesh, and Maharashtra. The company's expertise extends to various road construction projects, including highways, urban development schemes, and road resurfacing. Additionally, Rachana operates its mines in Vadagam, Gujarat, producing millions of tons of aggregate.

Rachana has completed several significant projects, including the MPRDC-ADB Loan IV, OPAL Petrochemical Refinery Road work, and the Vadodara-Mumbai 6 Lane Highway. The company's clientele includes government departments like the PWD of Madhya Pradesh and the Road and Building Department of Gujarat State, as well as private entities such as the Power Grid Corporation of India and the Gujarat Minerals Development Corporation.

On Friday, shares of Rachana Infrastructure Limited were locked in a 5 per cent upper circuit to Rs 64.65 per share from its previous closing of Rs 61.60 per share. The stock’s 52-week high is Rs 119 and its 52-week low of Rs 27. The company has a market cap of Rs 120 crore. The stock gave multibagger returns of 139.44 per cent from its 52-week low of Rs 27 per share.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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