Shares of Man Infraconstruction (Man Infra) gained 3 percent on June 7, a day after its subsidiary announced a residential project in Mumbai's Ghatkopar East.
The stock settled 2.1 percent higher at Rs 102.9 on the BSE after hitting a 52-week high of Rs 103.47 earlier in the day. The construction engineering company has gained close to 40 percent this year, outperforming the Nifty 200, which is up 3 percent.
Subsidiary MICL Creators LLP's residential project in Ghatkopar East will come up on approximately 13 lakh square feet. Man Infra will undertake construction and the project is scheduled to be completed in four years, with a saleable carpet area of approximately 4 lakh square feet, the company said in an exchange filing.
Catch up on stock market updates of June 7 here
This project has the potential to generate revenue of Rs 1,200 crore in the next four years, Man Infra added in the exchange filing.
In an interaction with CNBC-TV18, Man Infra managing director Manan Shah said the company is focusing on picking more projects in the real estate segment with a pipeline of 2.6 million square feet in the coming years, having a potential value of Rs 5,000 crore.
In terms of sales volumes, Shah expressed confidence in achieving 5-6 lakh square feet in FY24 and launching projects covering approximately 1 million square feet. He also said unsold inventory is negligible. The company has a liquidity surplus and does not anticipate the need for any fundraising activities in the near future, he added.
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