Construction Stock Unveils New Project After 200% Gain From 52W-Low In 9 Months

With projects covering all of India, ManInfra is an integrated EPC (Engineering, Procurement and building) company with almost 60 years of expertise and execution skills in the port, residential, commercial & industrial, and road building segments. After rising more than 2% on Wednesday, Man Infraconstruction Ltd.'s shares hit a new 52-week high of Rs 214.25 a share. The shares hit a 52-week low of Rs 66.25 on March 28, 2023, meaning that at the current market price of Rs 197.75, the stock has gone up by around 200% from its 1 year low in just nine months to hit a new 1-year high today.

The spike in stock price followed the company's acquisition of the commencement certificate (CC) for its Mumbai residential project. The business disclosed this information on Tuesday through an exchange filing.

"MICL Group Secures Commencement Certificate (CC) for its UberLuxurious Residential Project in Ghatkopar East, Mumbai introducing Innovative Community Living Concept, having carpet area of approx. 4 lakh sq. ft. for sale," said Man Infraconstruction in a stock exchange filing.

Commenting on this development, Mr. Manan P. Shah, Managing Director said, "We are happy to announce the receipt of Commencement Certificate (CC) from concerned authorities for our 12,000+ square meter gated community, Uber-Luxurious Residential Project of 10 societies located at Ratilal B. Mehta Road (60 Feet Road), Ghatkopar (East), Mumbai. MICL Group is excited and gearing up to launch the project likely in the fourth quarter of the financial year 2023-24. The company is expected to generate revenue of Rs. 1,200 crore in next 4 years from this project."

ManInfra booked annual consolidated revenue of Rs. 1,890.35 Crores and net profit of Rs. 258.57 Crores with a net cash positive balance sheet for the financial year ended 31st March 2023. With its two business verticals-construction and real estate development-it has its headquarters in Mumbai.