Shares of diversified player Hazoor Multi Projects Ltd (HMPL) are in action today as the company has informed exchanges about receiving a Letter of Award (LoA) by the National Highways Authority of India (NHAI). The counter opened flat at Rs 28.56 on the BSE and dipped to touch a new low of Rs 26.80. However, it rebounded amid a spurt in volume by more than 4.69 times and touched the high of Rs 30.52, representing a gain of 6.86 per cent from the last closing price. Stock has gained after two days of consecutive fall and last seen, it was trading in green at Rs 29.75. Technically, the stock was trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Meanwhile, the stock's 14-day relative strength index (RSI) is 22.38. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Wins LoA from NHAI
The company said that it has received a major contract from the National Highway Authority of India (NHAI). NHAI has assigned the company the work of operating the user fee/toll collection agency at Rampura Toll Plaza (Km 23.300, NH 548B - Vijaypur to Sankeshwar section). This work is spread from Km 0/000 to Km 79/700 on a 2/4 lane road (including paved shoulder).
The company will also be responsible for the upkeep, maintenance, and replenishment of the toilet blocks located near the toll plaza.
The total project is worth Rs 13.87 crore and the contract was awarded based on competitive bidding through e-tendering. The company stated that this contract will further strengthen its infrastructure operations portfolio and expand its presence in highway management.
Incorprates new subsidy
Earlier, the company said it had incorporated a new arm to undertake power and renewable energy projects.
The development comes after the company informed about its plans to set up a 500 MW solar project in Andhra Pradesh at an investment of Rs 2,500 crore, last month, and a 1.2 GW capacity solar park in Solapur, Maharashtra in January.
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