Shares of Man Infraconstruction surge in early trade; here’s why

Man Infraconstruction Limited post the opening bell reported to the exchange that it has successfully delivered two 47-storey residential towers measuring 3.6 lakh square feet in its “Atmosphere O2” project located in Mulund West, Mumbai, well ahead of schedule time.

Commenting on this development company management said that the project is nearly 90% sold out as of today. This project launched in November 2019 boasts approximately 7.1 lakh square feet of Rera carpet area and 18.6 lakh sq. ft. of construction area, featuring over 800 homes and over 350 offices/shops within three tall 47-storey residential towers and an 18-storey commercial tower.

The company reported it has delivered Tower D and Tower E comprising approximately 3.6 lakh square feet of carpet area, completed in less than 4 years. Possession of these units will commence from October 2023 onwards. The company also said that it is also in the process of delivering another 3.5 lakh sq. ft. of carpet area, including the residential Tower F and the commercial tower ‘The Gateway’ in the near future. Man Infraconstruction not only executed this project but also held a 17.5% equity stake in it.

In the last trading session, the stock closed at Rs 151.85. Today it opened at Rs 151.05 and currently, it is trading at Rs 154.15, marking a 1.51% increase. It has a 52-week high of Rs 163.75 and a 52-week low of Rs 66.25. Over the past six months, the company’s shares have provided a multibagger return of 117.72%, and in the past year, its value has increased by 75.71%. The company currently has a market capitalisation of approximately Rs 1,890 crore.

Man Infraconstruction Limited is an integrated EPC (Engineering, Procurement & Construction) company with experience and execution capabilities in Port, Residential, Commercial & Industrial and Road construction segments.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.