Shares of this microcap company surged 14 percent in Wednesday’s trading session after announcing an acquisition of a prestigious residential project in Goregaon West, Mumbai. The stock has delivered a multibagger return of 190 percent in one year.
Price Movement:
With a market capitalization of Rs. 452 crores, the shares of Meghna Infracon Infrastructure Ltd started Wednesday’s trading session on a higher note at Rs. 420 compared to the previous close of Rs. 468, gaining around 14 percent, also recorded as the company’s fresh 52-week high and are currently trading at Rs. 426 apiece.
What Happened:
Such a bullish movement in the share price was observed after the company in an exchange filing announced that it had launched a new residential project named ‘RIVAAN’ in Goregaon (West), Mumbai. Spanning approximately 1 lakh square feet, this project represents a pivotal advancement for the company as it strives to solidify its position as a premier developer of upscale real estate in Mumbai.
The project introduces an innovative community living concept, offering residents 1 and 2 BHK apartments along with commercial units on the first floor.
Financials:
Looking at the company’s financial statements, the revenue jumped by 28 percent from Rs. 7.41 crores during the December quarter to Rs. 9.49 crores in the March quarter. In addition, the net profits surged by 38 percent from Rs. 40 lakhs to Rs. 55 lakhs.
Important Financial Ratios:
In terms of key financial metrics, the company reported a Return on Equity (RoE) of 24.03 percent and a return on capital employed (RoCE) of 25.84 percent for the period spanning FY23-24. Further, the net profit margin stood at 6 percent during the same timeframe.
Shareholding Pattern:
According to the latest shareholding pattern, the Promoters hold 46.92 percent of the stake, the Public holds 52.90 percent of the shares, and the remaining 0.18 percent of the stakes are held by Foreign Institutional Investors (FIIs).
Company Profile:
The company was formerly known as Naysaa Securities Limited and changed its name to Meghna Infracon Infrastructure Limited in May 2024. It provides investment advisory services, and investment-related tools and services in India.
Written By Vaibhav Patil
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