Shares of Man Infraconstruction Ltd. jumped over 7% on Monday after it announced a development project in the western suburbs of Mumbai with a carpet area of 17 lakh square feet.
The redevelopment project, spread over a 10-acre land parcel, will have a Rs 4,000-crore revenue potential in the next five years, the construction firm said in an exchange filing.
Man Infraconstruction, which holds a 33.32% stake in Royal Netra Constructions Pvt., will develop "one of the largest redevelopments in western suburbs of Mumbai", it said.
Man Infraconstruction's stock was trading 5.24% higher at Rs 145.50 apiece compared to a 0.21% advance in the benchmark NSE Nifty 50 at 11:56 a.m. The shares gained as much as 7.56% to hit an intra-day high of Rs 148.70 apiece.
The stock has risen 97.44% on a year-to-date basis. The total traded volume stood at 4.7 times its 30-day average. The relative strength index was at 63.83.
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