Madhucon Projects rose 4.05% to Rs 29.55 at 9:48 IST on BSE after the company said that it is looking to sell its road projects but buyers for the same are not yet finalized.
The announcement was made after market hours yesterday, 26 September 2017.Meanwhile, the S&P BSE Sensex was down 13.42 points, or 0.04% to 31,586.34.
On the BSE, 23,000 shares were traded in the counter so far, compared with average daily volumes of 87,000 shares in the past two weeks. The stock had hit a high of Rs 31.20 and a low of Rs 29.35 so far during the day.
In 2016 Madhucon sold one of its road projects Agra-Jaipur (MAJEL) to cube highways, Singapore in the similar lines, the company said in a statement.
Net profit of Madhucon Projects declined 19.5% to Rs 5.17 crore on 17.5% rise in net sales to Rs 211 crore in Q1 June 2017 over Q1 June 2016.
Madhucon Projects is one of the fastest growing infrastructure companies in India with more than three decades of experience in EPC & turnkey projects, power, mining, irrigation, national highways, bridges and flyovers etc.
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