Madhav Infra gains after receiving orders

Madhav Infra Projects rose 1.25% to Rs 182.20 after the company said it received award for road projects and solar project.

Madhav Infra Projects said it received letter of acceptance from the Office of the Chief Engineer (Konkan) & Project Director (EAP) Konkan, Mumbai (Government of Maharashtra) for road project worth Rs 161.26 crore. The construction period is 24 months.

Further, the company received letter of award from Energy Efficiency Services (EESL) (a joint venture of PSUs under the Ministry of Power) for a solar power generation project worth Rs 96.39 crore. The operations and maintenance (O&M) contract period is for 25 years. The announcement was made after market hours yesterday, 18 September 2019.

Shares of Madhav Infra Projects gained 1.78% in two trading sessions to its current market price of Rs 182.20, from a recent closing low of Rs 179 on 17 September 2019.

On BSE, 278 shares were traded in Madhav Infra Projects counter, compared to a 2-week average of 1,707 shares. The stock hit an intraday high of Rs 183, which is also a record high for the counter. The stock hit an intraday low of Rs 173. It hit a 52-week low of Rs 165.95 on 4 September 2019.

Madhav Infra Projects' consolidated net profit stood at Rs 1.45 crore and net sales was at Rs 60.97 crore during Q1 June 2019.

Established in 2010, Madhav Corporation, the parent company of Madhav Infra Projects, operates in the fields of energy, real estate, highways and urban infrastructure.

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