Man Infraconstruction shares gain 2% on bagging Rs 680-crore order

Man Infraconstruction has received Letter of Acceptance (LoA) for Rs 680 crores (inclusive of GST) from BMCTPL.

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The Man Infraconstruction share price gained 2 percent to its 52-week high of Rs 118.86 in the opening hours on June 23 after the company received an order from Bharat Mumbai Container Terminal Private Limited (BMCTPL).

Man Infraconstruction has received a letter of acceptance (LoA) for Rs 680 crore (inclusive of GST) from BMCTPL for execution of Phase 2 infrastructure works at fourth container terminal at Jawaharlal Nehru Port (JNPT), Navi Mumbai, Maharashtra within time-frame of 2.5 years.

BMCTPL is a subsidiary of PSA International, a leading Global Port Group headquartered in Singapore. PSA is working with JNPT to develop this Fourth Container Terminal to cater to the increasing demands for container handling capacity and facilitate maritime trade in the country.

“Man lnfra Group has successfully executed Phase 1 infra works for BMCTPL within a challenging time-frame of 22 months instilling its added confidence within our group. This achievement has significantly bolstered BMCTPL’s confidence in the exceptional work quality and capability of our company. Our commitment to excellence and delivering exceptional standards has been acknowledged, paving the way for this renewed opportunity,” said Manan P Shah, Managing Director of Man Infraconstruction.

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A meeting of the board of directors of the company is scheduled on July 25, 2023, to consider and approve the unaudited financial results (standalone and consolidated) of the company for the quarter ended June 30, and to consider and approve payment of second interim dividend for FY 2023-24.

At 9:20am, Man Infraconstruction was quoting at Rs 116.70, up Rs 0.59, or 0.51 percent on the BSE.