Man Infra shares jump 7% to hit new high; here's what pushing the stock higher

Shares of Man Infraconstructions Ltd (MICL) surged during the trading session on Monday to hit a new 52-week high as the company announced plans to launch its new project in Mumbai with a carpet area of 4 lakh square feet. The company informed about the same during the session after attaining all approvals.

"MICL Group launches Aaradhya OnePark in Ghatkopar East, Mumbai, which is a property with uber-luxurious residences , featuring 4 lakh square feet carpet area for sale after securing all approvals," said the company in its exchange filing with the bourses.

Aaradhya OnePark offers 3 BHK, 4 BHK and 5 BHK configuration residences along with featuring more than 50 lifestyle amenities. This expansive project spans across over 12,000 square meter gated community of 10 societies, located at Ratilal B. Mehta Road (60 Feet Road), Ghatkopar (East), Mumbai, said the company.

MICL Group expects strong sales momentum for the project and expects to generate revenue of Rs 1,200 crore in next 4 years from this project, the company added in the filing.

“We are very delighted to have received all the approvals from the concerned authorities including the intimation of disapproval (IOD), commencement certificate (CC), clearance from Aviation Authorities and MahaRERA registration certificate," said Manan P Shah, Managing Director at Man Infra.

Following the announcement, shares of Man Infraconstruction surged 7.4 per cent to Rs 242.35 on Monday, hitting its new highs, commanding a total market capitalization of close to Rs 9,000 crore. The scrip had settled at Rs 225.90 in the previous trading session on Thursday.

Man Infraconstruction is an integrated EPC (engineering, procurement & construction) company with experience and execution capabilities in port, residential, commercial, industrial and road construction segments with projects spanning across India.

Also read: Hot stocks on January 29: IREDA, SBI Cards, IRB Infra, IRFC and more

Also read: Adani Energy Solutions Q3 results: Net profit drops 32% to Rs 325 crore