MEP Infrastructure Developers rose 1.67% to Rs 63.80 at 14:51 IST on BSE after the company received the letter of acceptance from NHAI.
The announcement was made during market hours today, 6 July 2018.Meanwhile, the S&P BSE Sensex was up 181.10 points or 0.51% at 35,755.65.
On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 53,000 shares in the past two weeks. The stock had hit a high of Rs 64.50 and a low of Rs 63.60 so far during the day.
The small-cap company has equity capital of Rs 183.45 crore. Face value per share is Rs 10.
MEP Infrastructure Developers (MEP) has received the Letter of Acceptance (LOA) dated 5 July 2018 from the National Highways Authority of India (NHAI) informing that MEP has been engaged as the contractor for collection of user fee at Paranur Fee Plaza (Tambaram-Tindivanam Section) on NH-45 in Tamil Nadu.
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The operations will commence within two days after complying the statutory formalities viz. submission of performance security and signing of contract. The period of the contract is one year. The contractual amount for the project is Rs 105.03 crore payable to NHAI on a weekly basis over a period of one year.
MEP Infrastructure Developers' consolidated net profit rose 120.85% to Rs 26.59 crore on 79.85% rise in net sales to Rs 776.24 crore in Q4 March 2018 over Q4 March 2017.
MEP Infrastructure Developers is one of the leading infrastructure operators and toll management companies.
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