Madhucon Projects hits the UC

Madhucon Projects had hit the lower circuit on 16th at Rs.56.70 but today, it has hit the 5% upper circuit at Rs.58.05 with moderate volumes at 73,000 shares.

The stock is reacting today to the receipt of new order news, which it announced yesterday after market closure. The company has stated that it has got a Rs.397 crore order from National Highway Authority of India (NHAI) for the project work in Nagapattinam - Thanjavur Section of NH-67 in Tamil Nadu under NHDP-III on engineering, procurement and construction (EPC) mode.

The company, which is engaged in building infra projects and it had ended Q3FY15 on a high note. It posted a net profit of Rs.17 crore, up by a huge 882% (YoY), which is mainly on account of a lower base effect too as FY14 was an exceptionally bad year. Its total income in Q3 too rose, up 134% at Rs.433 crore.