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MEP Infrastructure Developers gains after winning toll collection contract in Jharkhand

Capital Market 

MEP Infrastructure Developers rose 2.95% to Rs 43.60 at 10:33 IST on BSE after the company received the Letter of Acceptance from National Highways Authority of India to collect the user fee for Ghangari toll plaza in Jharkhand.

The announcement was made after market hours yesterday, 22 August 2016.

Meanwhile, the S&P BSE Sensex was down 21.45 points, or 0.08%, to 27,964.09

On BSE, so far 79,000 shares were traded in the counter, compared with average daily volume of 1.34 lakh shares in the past one quarter. The stock hit a high of Rs 45.05 and a low of Rs 43.50 so far during the day. The stock hit a 52-week high of Rs 59.70 on 21 October 2015. The stock hit a 52-week low of Rs 34.20 on 12 February 2016. The stock had underperformed the market over the past 30 days till 22 August 2016, falling 4.62% compared with 0.66% rise in the Sensex. The scrip also underperformed the market in past one quarter, gaining 1.8% as against Sensex's 10.59% rise.

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

MEP Infrastructure Developers said that the company has received the Letter of Acceptance (LOA) dated 22 August 2016 from National Highways Authority of India (NHAI) informing that the company has been engaged as the contractor for the project of collection of user fee through fee collection agency on the basis of competitive bidding through (e-tender) for Ghangari toll plaza of National Highway No. 2 in Jharkhand. The contractual amount for the project is Rs 79.29 crore payable to NHAI on a weekly basis over a period of 1 year, MEP Infrastructure Developers said.

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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 23 2016. 10:38 IST