MEP share price soared as much as 5 per cent to hit intraday high of Rs.44.80 on Tuesday after the company said that it had achieved financial closure for two and four-laning of road projects in Nagpur valued at Rs.1,170 cr.
On Monday, MEP Infrastructure Developers in a statement said that the two projects shall be funded by IDBI and IIFCL - India Infrastructure Finance Company.
The projects encompasses four-laning of the Outer Ring Road from the Jamtha village to Fetri village for Nagpur City (Package I) with a total length ‘33.50 km’ and four-laning of the Outer Ring Road from the Fetri village to Dhargaon village (Package II) of ‘28.05 km’.The company's Vice Chairman and Managing Director (MD) Jayant Mhaiskar said that the financial viability of such projects would ensure accelerated growth and expansion of their road infrastructure. This project, awarded by the NHAI - National Highways Authority of India, will be developed under the novel hybrid annuity model, which is a mix of EPC - engineering, procurement and construction and BOT - build operate transfer system.
Currently, MEP has a portfolio of 6 hybrid annuity projects across Gujarat and Maharashtra worth around Rs.3836.99 cr. In the quarter ended June 2016, MEP Infrastructure Developers reported net profit of Rs. 2.98 cr on sales of Rs. 187.55 cr.
Meanwhile, MEP share price was trading 0.23 per cent higher at Rs.43.60 on the NSE today. The stock opened at Rs.44.30 from a previous closing of Rs.43.50. At 9:52 am, the day’s high stood at Rs.44.40 while day’s low stood at Rs.43.35. So far it has a traded volume of 31,038 shares on the NSE counter.
In order to seek information about the support and resistance levels of the share and also its financials and fundamentals, please a pay a quick visit to MEP share price history.
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