119% return in 2 years: MICL shares gain as company announces focus on luxury projects

Shares of construction engineering company Man Infraconstruction are in action on Monday. The counter opened in red at Rs 172.60 on the BSE but reached a high of Rs 176.50 - a gain of 2.23 per cent from the previous close of 172.65.  According to BSE Analytics, the scrip has given a positive return of 119 per cent in two years 

The gain in share price comes as the company has announced a strategic realignment of its real estate portfolio. The company said it is sharpening its focus on the luxury projects across Mumbai.

"As part of this strategic shift, MICL Group has divested from phase 3 of the project located near Dahisar in Mira road. This divestment represents a strategic move to focus more efficiently towards our upcoming luxury projects in Mumbai’s prime locations like Pali Hill (Bandra), BKC, Vile Parle, and Marine Lines," the company said in an exchange filing.

The company also informed exchanges that its subsidiary, Man Vastucon LLP, has successfully completed and nearly sold out Phase 1 of Aaradhya Highpark, which offers 6.5 lakh square feet of carpet area.

The ongoing second phase, Aaradhya Parkwood, spans 5.3 lakh square feet and has already achieved impressive sales. However, the company has relinquished the development rights for Phase 3 to sharpen its focus on high-end projects.

Meanwhile, equity benchmark indices declined in early trade on Monday, owing to relentless foreign fund outflows, selling in IT stocks and weak leads from the US markets.

The BSE benchmark Sensex declined 156.72 points to 77,423.59 in early trade. The NSE Nifty dipped 64.25 points to 23,468.45.

From the 30-share Sensex pack, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, NTPC, Axis Bank, Tata Motors and IndusInd Bank were the major laggards.

HDFC Bank, Tata Steel, Bajaj Finance and Asian Paints were among the gainers.