MEP Infra gains after winning toll collection rights in Jharkhand

MEP Infrastructure Developers rose 1.38% to Rs 44.15 at 10:21 IST on BSE after the company said it received the letter of acceptance from National Highways Authority of India for toll collection rights at Sau-Kala toll plaza in Jharkhand.

The announcement was made on Saturday, 27 August 2016.

Meanwhile, the BSE Sensex was down 30.27 points, or 0.11%, to 27,751.98.

On BSE, so far 6,679 shares were traded in the counter, compared with average daily volume of 1.30 lakh shares in the past one quarter. The stock hit a high of Rs 44.80 and a low of Rs 43.65 so far during the day. The stock hit a 52-week high of Rs 59.70 on 21 October 2015. The stock hit a record low of Rs 34.20 on 12 February 2016. The stock had underperformed the market over the past 30 days till 26 August 2016, falling 2.13% compared with 1.51% slide in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 6.22% as against Sensex's 4.23% rise.

The small-cap company has equity capital of Rs 162.57 crore. Face value per share is Rs 10.

The period of the toll collection contract is one year. The contractual amount for the project is Rs 87.30 crore payable to the National Highways Authority of India (NHAI) on a weekly basis over a period of one year. The operations will commence from 14 September 2016 after complying the statutory formalities. The Commercial Operation Date (COD) will be achieved in the current quarter.

MEP Infrastructure Developers' consolidated net profit declined 9.69% to Rs 10.06 crore on 2.14% rise in net sales to Rs 516.26 crore in Q4 March 2016 over Q4 March 2015.

MEP Infrastructure Developers is among the leading players in tolling operations in the road infrastructure sector.

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