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Share price of this micro-cap penny stock hit 2% upper circuit to Rs. 9.56 in Wednesday’s trading session, after securing an order worth Rs. 329.73 crores from Gujarat Industries Power Company Limited. 

With a market capitalisation of Rs. 257.7 crore, Madhav Infra Projects Limited has delivered about 126 percent of multibagger returns in the last one year and nearly 50.3 percent of positive returns in the last six months. However, so far in 2024, it has given around 22.8 percent of negative returns. 

According to the recent regulatory filings with the BSE, Madhav Infra Projects has secured a Letter of Intent (LoI) from Gujarat Industries Power Company Limited (GIPCL) for a Rs. 329.73 crore solar power generation project on an Engineering, Procurement and Construction (EPC) basis. 

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The order is for the design, engineering, supply, construction, erection, testing, commissioning and 3 years of Operation and Maintenance of 75MW(AC) solar power projects in Vastan, near SLPP Tal-Mangrol district in Surat, Gujarat. 

The time frame for the execution of this solar power producing project is 330 days. 

Earlier on March 4th, the company received a Letter of acceptance worth Rs. 20.74 crore, for the construction of the Railway Over Bridge in Madhya Pradesh from the Office Of the Executive Engineer, Public Work Department, Bridge Construction Division Sagar (M.P.). 

In terms of financials, the company’s revenue from operations fell by 10% from Rs. 97.57 crore in Q2 FY23-24 to Rs. 87.78 crore in Q3 FY23-24, along with a decline in the net profit of 42%, from Rs. 7.96 crore in Q2 FY23-24 to Rs. 4.62 crore in Q3 FY23-24. 

Established in 2010, Madhav Infra Projects Limited is engaged in civil and engineering, procurement and construction (EPC) contract business. 

The company is involved in the development, construction as well as operation and maintenance of various infrastructure projects in addition to operating a power generation business. 

Written by Shivani Singh

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