Share Market News: Man Infraconstruction Announces Aaradhya OnePark, Shares Surge

The MICL Group anticipates a robust sales momentum for the project and revenue of Rs. 1,200 crore over the next four years.

Share Market News: Share of Man Infraconstruction witnessed a rise of 7.28 percent over the previous close on Monday after opening on the BSE at Rs 226.90 apiece and reaching a new high of Rs 242.35 during the afternoon trade.

According to the reports, the main factor that led to the spike in Man Intra’s stock prices is the
announcement of “Aaradhya OnePark”-the unveiling of Uber-luxurious residences in Ghatkopar East, Mumbai, with a 4 lakh square foot carpet area for sale after obtaining all approvals.

Commenting on this development, Mr. Manan P. Shah, Managing Director said, “We are very delighted to have received all the approvals from the concerned authorities including the: Intimation of Disapproval (IOD), Commencement Certificate (CC), Clearance from Aviation Authorities and MahaRERA registration certificate. The construction work at the site has been commenced and shall be executed as per the scheduled timelines. The launch of Aaradhya OnePark marks a significant milestone in our journey towards becoming the preferred luxurious real estate developers in Mumbai.”

Here are some of the key details:

• The MICL Group anticipates a robust sales momentum for the project and revenue of Rs. 1,200 crore over the next four years.
• For the fiscal year that ended on March 31, 2023, ManInfra (NSE: MANINFRA, BSE: 533169) reported an annual consolidated revenue of Rs. 1,890.35 crores.
• This has given a net profit of Rs. 258.57 crores, with a net cash positive balance sheet.
• With its two business verticals-construction and real estate development-it has its headquarters in Mumbai.
• ManInfra Group is a renowned real estate developer in Mumbai who has completed 15 residential projects on deadline and with excellent construction quality.