MEP Infra surges 6% on securing toll tax collection contract for Delhi
ETMarkets.com|
Updated: Sep 29, 2017, 11.21 AM IST
Shares of MEP Infrastructure Developers gained as much as 6 per cent in early trade on Friday after the company informed the bourses that it had received toll collection rights at all entry points to Delhi from SDMC for five years.
The contractual amount for the said project is Rs 1,206 crore per annum payable to SDMC on a weekly basis. The scrip was trading 4.71 per cent up at Rs 101.25 around 10 am (IST). Shares of the company opened at Rs 100.95 and touched a high and low of Rs 102.80 and Rs 99.65, respectively, in trade so far.
Benchmark BSE Sensex was up 154 points at 31,437 at around the same time.
In a BSE filing, the company said, “MEP Infrastructure Developers has been awarded by the Office of the Director Local Bodies (Toll Tax Department) the “Letter of Award” dated 28 September 2017, to engage MEP as the contractor for SDMC (Lead Corporation acting on behalf of all the three Corporations of Delhi) for collection of Toll Tax & Environment Compensation Charge (ECC) at Border Points from Specified Commercial Vehicles entering Delhi.”
The contractual amount for the said project is Rs 1,206 crore per annum payable to SDMC on a weekly basis. The scrip was trading 4.71 per cent up at Rs 101.25 around 10 am (IST). Shares of the company opened at Rs 100.95 and touched a high and low of Rs 102.80 and Rs 99.65, respectively, in trade so far.
Benchmark BSE Sensex was up 154 points at 31,437 at around the same time.
In a BSE filing, the company said, “MEP Infrastructure Developers has been awarded by the Office of the Director Local Bodies (Toll Tax Department) the “Letter of Award” dated 28 September 2017, to engage MEP as the contractor for SDMC (Lead Corporation acting on behalf of all the three Corporations of Delhi) for collection of Toll Tax & Environment Compensation Charge (ECC) at Border Points from Specified Commercial Vehicles entering Delhi.”
