MEP Infra surges after securing a toll contract

MEP Infrastructure Developers surged 5.58% to Rs 102.10 at 12:07 IST on BSE after the company said it has secured a contract for collection of toll at all entry points to Delhi.

The announcement was made during market hours today, 29 September 2017.

Meanwhile, the S&P BSE Sensex was up 164.56 points or 0.53% at 31,447.04.

On the BSE, so far 1.52 lakh shares were traded on the counter as against average daily volumes of 4.07 lakh shares in the past two weeks. The stock had hit a high of Rs 102.90 and a low of Rs 99.65 so far during the day.

MEP Infrastructure Developers said that it has been awarded by the Office of the Director Local Bodies (Toll Tax Department) the letter of award to engage the company as the contractor for SDMC (Lead Corporation acting on behalf of all the three Corporations of Delhi) for collection of toll tax & environment compensation charge (ECC) at border points from specified commercial vehicles entering Delhi. The commercial operations will commence from 1 October 2017 for a period of 5 years. The contractual amount for the project is Rs 1206 crore per annum payable to SDMC on a weekly basis.

MEP Infrastructure Developers' consolidated net profit fell 61.3% to Rs 12.97 crore on 17.6% decline in net sales to Rs 380.08 crore in Q1 June 2017 over Q1 June 2016.

MEP Infrastructure Developers is one of the leading infrastructure operators and toll management companies.

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