Man Infra shares rise 4% as company sells one-fourth of its latest project in two days

Shares of Man Infraconstructions Ltd (MICL) surged during the trading session on Wednesday after the company announced the sales of its latest project in Ghatkopar East, Mumbai, which was unveiled just a couple of days earlier. The company was informed about the sales figures through an exchange filing during the session.

MICL's project 'Aaradhya OnePark in Ghatkopar Mumbai has achieved record sales of Rs 333 crore upon launch on Monday, said the exchange filing on the company. "This remarkable achievement accounts for nearly 25 per cent of the total estimated sales potential from the project, it said.

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.

Following the update, shares of Man Infraconstruction surged about 4 per cent to 239.80 on Wednesday, commanding a total market capitalization of close to Rs 8,900 crore. The scrip had settled at Rs 230.70 in the previous trading session on Tuesday. The stock has delivered a return

The successful launch of the ‘Aaradhya Onepark’ project is a noteworthy level of performance for the company. This is another significant milestone in the company’s success, said Manan P Shah, Managing Director of Man Infraconstruction. "The outstanding response underscores the demand for premium real estate offerings in Mumbai," he said.

This project offers 4 lakh square feet carpet area and was made available for sale after securing all approvals on Monday. 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 had said in a previous filing.

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.

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