MEP Infrastructure Developers rose 4.33% to Rs 119.25 at 10:30 IST on BSE after the company announced that National Highways Authority of India engaged it as user fee collection agency for Chennasamudram fee plaza in TamilNadu.
The announcement was made before market hours today, 24 August 2017.Meanwhile, the S&P BSE Sensex was up 33.71 points or 0.11% at 31,601.72. The S&P BSE Small-Cap index advanced 48.93 points or 0.31% at 15,624.44.
On the BSE, 1.89 lakh shares were traded on the counter so far as against the average daily volumes of 11.83 lakh shares in the past two weeks. The stock had hit a high of Rs 120.05 and a low of Rs 117.40 so far during the day. The stock had hit a record high of Rs 148 on 10 July 2017 and a record low of Rs 34 on 24 November 2016.
The stock had underperformed the market over the past one month till 23 August 2017, falling 9.32% compared with 1.44% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, surging 62.7% as against Sensex's 3.96% rise. The scrip had also outperformed the market in past one year, jumping 162.46% as against Sensex's 12.78% rise.
The small-cap company has equity capital of Rs 162.57 crore. Face value per share is Rs 10.
MEP Infrastructure Developers said that it has received the letter of acceptance (LOA) on 23 August 2017 from National Highways Authority of India (NHAI) informing that the company has been engaged as user fee collection agency on the basis of competitive bidding through e-tender for Chennasamudram fee plaza at Walajahpet-Poonamallee section of NH-4 in Tamil Nadu.
The period of the contract is one year. The operations will commence after complying with the statutory formalities namely, submission of performance security, signing of contract as stated in the LOA.
The contractual amount for the project is Rs 74.70 crore payable to NHAI on a weekly basis over a period of one year.
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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