MEP Infrastructure Developers rose 1.27% to Rs 51.90 at 10:40 IST on BSE after National Highways Authority of India awarded the rights for collection of user fee for Surjapur Toll Plaza in the state of West Bengal.
The company made announcement during market hours today, 17 November 2015.
Meanwhile, the BSE Sensex was up 77.28 points, or 0.32%, to 25,843.43.
On BSE, so far 90,950 shares were traded in the counter, compared with an average volume of 5.39 lakh shares in the past one quarter.
The stock hit a high of Rs 53 and a low of Rs 51.10 so far during the day. The stock hit a record high of Rs 67 on 17 July 2015. The stock hit a record low of Rs 41.20 on 25 August 2015.
The stock had underperformed the market over the past one month till 16 November 2015, sliding 10.71% compared with Sensex's 5.34% fall. The scrip had also underperformed the market in past one quarter, dropping 14.23% as against Sensex's 8.22% drop.
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 been awarded by the National Highways Authority of India (NHAI] the rights for collection of user fee through fee collection agency through on the basis of competitive bidding through (e-tender) for Surjapur Toll Plaza at Km 451 for the section from Km 447 to Km 498.970 (Dalkhola to Islampur) of National Highway No.31, in the State of West Bengal. MEP has received the letter of acceptance (LOA) on 16 November 2015 from NHAI.
The operations will commence within 12 days from the date of LOA after complying the statutory formalities namely submission of performance security and signing of contract. The period of the contract is one year. The contractual amount for the project is Rs 42.03 crore payable to NHAI on a weekly basis over a period of one year.
On a consolidated basis, MEP Infrastructure Developers reported net profit of Rs 5.69 crore on net sales of Rs 483.38 crore in Q1 June 2015.
MEP Infrastructure Developers is among the leading players in tolling operations in the road infrastructure sector. The company's focus is on pure toll collection projects as well as OMT (Operation, Maintenance and Toll) collection projects, which involve maintenance obligations in addition to toll collection on operational roads including highways constructed by third parties.
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