Man Infraconstruction hits 52-week high as Societe Generale picks up stake

Shares of Man Infraconstruction jumped 5 percent in early trade on June 13 to hit a 52-week high of Rs 111.90, a day after European investment firm Societe Generale picked up a 1.06 percent stake in the company.

On June 12,  Societe Generale bought 39.31 lakh shares, or a 1.06 percent stake, in the construction company through open market transactions. These shares were bought at an average price of Rs 102 a share.

At 10.23 am, Man Infraconstruction was at Rs 111.10, up 4.22 percent on the National Stock Exchange. The stock has been on a roll in recent weeks, gaining around 20 percent in June so far.

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Recently, the stock witnessed a surge after its subsidiary announced a residential project in Mumbai’s Ghatkopar East.

According to an exchange filing, MICL Creators LLP’s project will cover an area of around 13 lakh square feet. Man Infra will take on the construction responsibilities and the project is expected to be completed in four years. The saleable carpet area of the project is expected to be approximately 4 lakh square feet.

The company’s robust financial performance in the quarter ended March has also boosted sentiment. The Mumbai-based company reported a 118 percent increase in net profit at Rs 81.6 crore in January-March. Revenue also grew over threefold on year to Rs 680 crore in Q4.

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