Penny stock under Rs 10: This micro-cap civil construction company receives order worth Rs 117.91 crore from ONGC!

The stock is up 16 per cent in just 1 month and over 50 per cent in 3 years.

Madhav Infra Projects Limited received of letter of acceptance (LOA) for design, engineering, procurement & supply, construction & installation, commissioning, associated transmission system and operation & maintenance of a 15 MW (AC) solar photovoltaic grid-connected power plant from Oil and Natural Gas Corporation Limited (ONGC)-Ankleshwar. The order is worth Rs 117,91,65,498 or Rs 117.91 crore and will be completed in 12 months from LOI.

Previously, the company received an order for the construction of a railway over the bridge in lieu of the level crossing in Damoh District (M.P.) from the Office of The Executive Engineer Public Work, Department Bridge Construction Division SAGAR (M.P.) The order is worth Rs 37,07,34,207.90 or Rs 37.07 crore.

On Friday, one of the Top Gainers in BSE, shares of Madhav Infra Projects Limited surged 5 per cent upper circuit to Rs 6.39 per share from its previous closing of Rs 6.09 per share. The stock’s 52-week high is Rs 6.88 and its 52-week low is Rs 3.55.

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. According to the financials, the company has a market cap of Rs 172.26 crore and reported excellent Quarterly Results and annual results. The net sales increased by 11.44 per cent to Rs 512.70 and net profit skyrocketed by 446.13 per cent to Rs 36.57 in FY23 over FY22.

The shares of the company have a PE of 5.56x and a ROE of 23 per cent. The stock is up 16 per cent in just 1 month and over 50 per cent in 3 years. Investors should keep an eye on this stock.

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