Man Infraconstruction share price rose 6 percent intraday on August 28 after the company bagged a redevelopment project in western suburbs of Mumbai city.
At 10:50 am, Man Infraconstruction was quoting at Rs 146.15, up Rs 8.00, or 5.79 percent, on the BSE.
MICL Group announced, on August 28, the development of one of the largest redevelopments in the western suburbs of Mumbai, with a carpet area of approximately 17 lakhs square feet for sale. The company stated that it has the potential to generate revenue of Rs. 4,000 crore in the next five years.
"We are excited and thrilled to announce that MICL Group has expanded its horizons in western suburbs by adding a large-scale development project located at Goregaon West," said Manan P. Shah, Managing Director.
The new project will increase MICL Group’s Real Estate Portfolio from 4.6 million sq. ft. to 6.3 million sq. ft. of carpet area.
The company stated that the project has a construction area of over 50 lakh sq. ft. and is expected to be completed within 5-6 years.
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The company has headquartered in Mumbai having two business verticals viz., Construction and Real Estate Development.
The compan had reported 111.7 percent jump in its Q1FY24 net profit at Rs 82.44 crore.
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