Man Infraconstruction Shares Gain After Buying Sea-Facing Residential Project

Shares of Man Infraconstruction Ltd. gained on Friday after it bought a residential luxury project in Marine Lines.

The expected revenue generation of the project, with a height of more than 800 feet, is over Rs 2,100 crore, according to an exchange filing.

The total construction area of approximately 22 lakh square feet offers a RERA carpet area of around 5.3 lakh square feet for sale, it said.

The company expects a profit before tax of more than Rs 400 crore from this project, the filing said. This shall comprise the DM fees, the project management consultancy fee on construction, and an interest income on the initial investment made by the company in the project, it said.

Shares of the realtor rose as much as 3.76%, the highest level since March 5, before paring gains to trade 2.9% higher at 10:38 a.m. This compares to a 0.17% advance in the NSE Nifty 50.

The stock has risen 207.4% in the last 12 months. Total traded volume so far in the day stood at 0.94 times its 30-day average. The relative strength index was at 53.21.