Low PE High ROE Stocks: Micro-Cap Modern Engineering and Projects Ltd bags Rs 60 crore Tata Steel work order
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The stock price has surged over 700 per cent in last 5 years. It has delivered around 36.34 per cent returns from its 52-week low of Rs 24.79 per share.
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On Friday, shares of Modern Engineering and Projects Ltd closed at Rs 33.80 per share, up 2.80 per cent from its previous closing of Rs 32.88 per share. The stock’s 52-week high is Rs 49.89 per share and its 52-week low is Rs 24.79 per share. During the session, the stock surged about 5.14 per cent to its Intraday high of Rs 34.57 per share.
Modern Engineering and Projects Ltd has informed BSE that it has received a work order from Tata Steel Ltd for the Construction of a priority bituminous trunk road for the Neelachal Ispat Nigam Ltd expansion project. The disclosure has been made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The contract is an item rate agreement, where payments will be based on actual quantities executed. The estimated contract value stands at Rs 60 crore, excluding GST. The company clarified that GST will be reimbursed separately upon submission of valid documents, while all other Taxes, duties, levies, and cess are included in the item rates.
The order has been awarded by a domestic entity and is expected to be executed over an approximate period of one year. The company also confirmed that there is no promoter or group company interest in Tata Steel Ltd, and the transaction does not fall under related party transactions.
The company has a market cap of over Rs 52 crore. The stock price has surged over 700 per cent in last 5 years. It has delivered around 36.34 per cent returns from its 52-week low of Rs 24.79 per share.
Disclaimer: The article is for informational purposes only and not investment advice.
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