This Infra Stock Under Rs 50 Soars 5% Amid Weak Market; Is NHAI's Rs 28 Cr Order Behind Rally?

Shares of small-cap infra company 'Hazoor Multi Projects Ltd' (HMPL) soared nearly 5 per cent in intraday trade on Monday, defying downward momentum in the stock market. The rally in the stock came after it informed that it has been awarded the Letter of Award (LOA) worth Rs 28.47 crore by the National Highways Authority of India (NHAI).

The Infra stock started the session with a decent gap up at Rs 21.22 as compared to last day's closing of Rs 20.85. Amid buying momentum post the contract announcement, the stock escalated further to hit an intraday high at Rs 22, up 5.5 per cent from last closing.

Meanwhile, the week high and low of the company stood at 45.20 and Rs 21.06, respectively. The stock touched a 52-week low recently.

According to an exchange filing, the contract covers user fee collection at the Madangundi Fee Plaza. This plaza is situated at Km 12.300 on a four-lane segment of NH-31 in Jharkhand, stretching from Km 0.000 to Km 27.500, and is being managed under the EPC model as part of NHDP Phase-IV.

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Stock market Today

The key domestic equity indices extended their losing momentum on Monday as well amid elevated crude prices and uncertainty in the Middle East. Last seen, BSE Sensex was trading at Rs 77,821.25, up 0.24 per cent or 188 points. Nifty50 was quoted at 24,344.50, down 0.088 per cent or 21.50 points.

Share price history

Over the last five years, this stock has given an impressive return of 1,070 per cent, with a 51.09 per cent gain recorded over three years. Recently, however, it has faced a downturn, correcting by 52.20 per cent in the last twelve months. Year-to-date, the stock has declined by 42.94 per cent.

Rs 24.3 crore order from NHAI

Earlier in a separate exchange filing, the company announced that it won a letter of award (LOA) from NHAI worth Rs 24.3 crore for collecting user fee at the Ramnagar fee plaza along the Baran-Shivpuri section of New NH-27 in Madhya Pradesh.

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Earlier, it secured a Rs 27 crore e-tender in March for fee collection at the Chowlaggere plaza on NH-48 (Hassan-Maranahalli section) in Karnataka.

Disclaimer: This story is for informational purposes only. It should not be considered investment advice.