MBL Infrastructure zooms over 5% today; here's why
Today, the stock opened at Rs 23.20 and has touched a high and low of Rs 26.75 and Rs 23.15, respectively.
On Thursday, shares of MBL Infrastructure closed at Rs 24.80, up by 1.40 points or 5.98% from its previous closing of Rs 23.40 on the BSE.
MBL Infrastructure has completed the original scope of work of the Bikaner-Suratgarh Section of NH-62 in the state of Rajasthan following the concession agreement executed by Suratgarh Bikaner Toll Road Company (SBTRCL), a wholly-owned subsidiary company. In accordance with the concessionaire agreement, SBTRCL has applied to the authority for the addition of 5.289 kilometres for tolling as well as the completion certificate of the BOT project.
The Authority issued a provisional completion certificate for 156.635 km on February 15, 2019, and for an additional length of 9.780 km on March 18, 2021. After receiving the completion certificate from the Authority for the additional length, toll collection for the additional length of 5.289 km will begin.
With the completion of construction work of an additional length of 5.289 km of the BOT project, the toll revenue of Suratgarh Bikaner Toll Road Company is likely to increase accordingly.
MBL Infrastructure (formerly MBL Infrastructures) is engaged in the construction and maintenance of roads and highways, industrial infrastructure projects and other civil engineering projects for various government bodies and other clients. MBL has a fast-growing business that provides integrated engineering, procurement and construction services for civil construction and infrastructure sector projects.
The promoters holding in the company stood at 68.49%, while non-institutions 31.51% stake in the company. The BSE group 'B' stock of face value of Rs 10 has a 52-week high and low of Rs 43.65 and Rs 16.75, respectively.
Last one week high and low of the scrip stood at Rs 26.75 and Rs 20.65 respectively. The current market cap of the company is Rs 259.79 crore.
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