MEP Infra hits 52-week low after gaining 3% on signing concession agreement with NHAI for 4 projects

IRB Infrastructure Developers  | In 2020 so far, the share price has moved up 76 percent to Rs 131.20. It's trailing twelve months (TTM) P/E was 6.40 multiple while 5-year average P/E was 8.30 multiple.

MEP Infrastructure Developers share price rallied 3 percent intraday Wednesday after signing a concession agreement for four projects with the National Highways Authority of India (NHAI), but it corrected later to hit fresh 52-week low of Rs 63.85 on the BSE.

At 15:05 hours IST, the stock price was quoting at Rs 64.50, down Rs 1.50, or 2.27 percent.

The company said its four of the special purpose vehicles (SPVs) has signed the concession agreement, which are MEP Longjian ACR Private Limited, MEP Longjian CLR Private Limited, MEP Longjian Loha Waranga Road Private Limited and MEP Longjian VTR Private Limited.

A concession period of 15 years has been given to the SPVs' that does not include the construction period.

The company said it would receive Bi-Annual Annuity from NHAI post commercial operation date (COD).