Man Infra climbs on securing housing project in Mumbai

Man Infraconstruction rose 2.40% to Rs 87.60 after Man Infra Contracts secured a project to undertake redevelopment work in Juhu, Mumbai.

Sep 15, 2021 12:09 IST capital market

Man Infra Contracts LLP is appointed as a developer by Juhu Sai Darshan Co-operative Housing Society in Juhu, Mumbai to undertake redevelopment work.

Man Infraconstruction holds 70% partnership interest in Man Infra Contracts LLP.

The company said it expects to generate total revenue of more than Rs 250 crores from the said project.

Shares of Man Infra have jumped 25.32% in five straight sessions. In the past one month, the stock has jumped 29.44% as against 5.64% rise in the Sensex. It has surged over 233.97% in the past one year compared with 50% rise in the Sensex.

On the technical front, the stocks RSI (relative strength index) stood at 78.49. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day simple moving average (SMA) placed at 74.84 and 200-day SMA at 69.76.

On a consolidated basis, net profit of Man Infraconstruction rose 1327.39% to Rs 32.83 crore on 571.20% spurt in net sales to Rs 153.37 crore in Q1 June 2021 over Q1 June 2020.

Man Infraconstruction undertakes various infrastructure projects like port infrastructure, residential constructions, commercial & institutional constructions, industrial constructions and road constructions.

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