Stock market news: shares of Man Infraconstruction Ltd reach record high | View the most important details here

Man Infraconstruction (MICL) Group said the project, with a carpet area of ​​around 4 lakh sq ft for sale, will introduce an innovative concept for community living.

Stock market news: Shares of Man Infraconstruction Ltd, an engineering, procurement and construction (EPC) company, rose more than 6 percent on Tuesday. The rise in share prices came as the company secured a commencement certificate (CC) for its housing project. The company said in an exchange filing that it has obtained the certificate for its ultra-luxury residential project in Ghatkopar East, Mumbai.

Man Infraconstruction (MICL) Group said the project, with a carpet area of ​​around 4 lakh sq ft for sale, will introduce an innovative concept for community living.

Following the announcement, shares of Man Infraconstruction rose over 6% to trade at Rs 212.65, hitting a new 52-week high, with a total market capitalization of nearly Rs 7,800 crore. The scrip had settled at Rs 200.05 in the previous trading session on Monday.

“We are pleased to announce the receipt of the commencement certificate from the concerned authorities for our over 12,000 sq. ft. gated community, ultra-luxury residential project of ten societies located at Ratilal B Mehta Road (60 Feet Road), Ghatkopar (East), Mumbai, said Manan P Shah, managing director of the company.

“MICL Group is excited and gearing up to launch the project likely in the fourth quarter of the financial year 2023-2024. The company is expected to generate a turnover of Rs 1,200 crore from this project in the next four years,” he added in the statement.