Shares of this infra stock under the ‘small-cap’ category jumped approximately 5 percent in Monday’s trading session after the launch of a new Luxurious Project in Mumbai. In the past six months, the company’s stock has gained close to 85 percent.
With a market capitalization of Rs 8,828.33 crores, the stocks of Man Infraconstruction Limited (MICL) opened their trading hour on Monday at Rs 226.90 and currently trade at Rs 237.80, gaining around 5 percent compared to the previous close of Rs 225.90 apiece.
Such bullish stock price movement is witnessed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced the launch of a luxurious project in Ghatkopar, Mumbai, viz, ‘Aaradhya OnePark’ after securing all approvals.
The project offers ultra-luxurious residences in 3 BHK, 4 BHK, and 5 BHK configurations. It spans more than 12,000 square meters of gated community comprising 10 societies. The MICL Group expects strong momentum of sales for the project and generate a revenue of approximately Rs 1,200 crores in the next 4 years.
During the recent financial quarters, the company reported underperformance with the operating revenues trimming from Rs 509 crores during Q1FY23-24 to Rs 215 crores during Q2FY23-24, and the latter, during the same period, went down from Rs 84 crores to Rs 66 crores.
The latest shareholding pattern data, according to the December 2023 quarter, portrays the Promoters holding a 67.19 percent stake, and the Foreign Institutional Investors (FIIs) holding a 3.5 percent stake in the company.
According to the recent presentations, the company’s total EPC portfolio represents a total order book of Rs 1,156 crores, out of which around 86 percent of the projects are ‘infrastructure’ ones with the remaining 14 percent being ‘residential’ projects.
Man Infraconstruction Limited is a construction company based in India that undertakes various projects, including commercial and institutional construction, port infrastructure, road construction, and industrial construction.
Written by Amit Madnani
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