Maytas Infra speeds up on bagging Hyderabad metro rail project

Maytas Infra rose 3.91% to Rs 424 at 13:21 IST on BSE after a consortium of the company undertaking the development of the Hyderabad metro rail project entered into a concession agreement with the state government.

The company announced this during market hours today, 11 August 2008.

Meanwhile, the BSE Sensex was up 274.12 points, or 1.81%, to 15,441.94 on strong cues from global equities. A slide in oil prices to their lowest level in three months powered a rally in US stocks on Friday, 8 August 2008.

On BSE, 27,654 shares were traded in the counter. The scrip had an average daily volume of 12,530 shares in the past one quarter.

The stock hit a high of Rs 431.80 and a low of Rs 414.50 so far during the day. The stock had hit a 52-week high of Rs 1,144.25 on 19 November 2007 and a 52-week low of Rs 375.05 on 20 June 2008.

The mid-cap scrip had outperformed the market over the past one month till 8 August 2008, falling 8.1% compared to the Sensex’s return of 13.62%. It had also outperformed the market in the past one quarter, declining 41.04% compared to Sensex’s decline of 11.2%.

The company has an equity capital of Rs 58.85 crore. Face value per share is Rs 10.

The current price of Rs 424 discounts its Q1 June 2008 annualised EPS of Rs 13.63, by a PE multiple of 31.1.

The metro project cost as per the government of Andhra Pradesh estimate is about Rs 12,000 crore. A consortium of Maytas Infra, Nava Bharat Ventures, Italian-Thai Development Public Company and Infrastructure Leasing & Financial Services (NMII Consortium) had emerged as the lowest bidder for the project. The project has to be completed over a five and half year of development period.

Maytas Infra is a Hyderabad-based construction and infrastructure development company. Its business includes undertaking construction contracts and infrastructure development involving identifying, sourcing, developing, and operating projects in infrastructure sectors.

The company had reported a net profit of Rs 20.05 crore on sales of Rs 383.92 crore in Q1 June 2008. Figures for the corresponding previous year period were not available.