Man Infra subsidiary secures order worth Rs 84.32 cr

The construction company said its wholly-owned subsidiary received an order worth Rs 84.32 crore for construction of auditorium in Mira Road, Thane.

Man Vastucon, a wholly-owned subsidiary of Man Infraconstruction, has received an order worth Rs 84.32 crore from Mira Shaindar Municipal Corporation for construction of auditorium situated off Western Express Highway, Mira Road East, Thane.

The project will be completed and handed over to Mira Shaindar Municipal Corporation within 1 year from the date hereof.

Man Infrasconstruction on Tuesday announced that the Bombay High Court has disposed-off the review petition filed by the Government of Maharashtra, related to an a project involving subsidiary Manaj Tollway Private Limited (MTPL).

In its regulatory filing on Tuesday, Man Infra said, "this is to inform you that the Honorable High Court at Bombay vides its order dated March 5, 2021, has disposed-off the review petition filed by the Government of Maharashtra."

"Accordingly MTPL is expected to receive within 30 days, an amount of Rs 357.79 crore plus interest, aggregating to approx. Rs 380 crore," Man Infra added.

On the technical front, the stock's RSI (relative strength index) stood at 76.06. 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 moving average (DMA) placed at 36.59 and its 200-day moving average (DMA) placed at 27.47.

Shares of Man Infraconstruction slipped 0.23% to Rs 43.55 on BSE. Man Infraconstruction is a construction company engaged in the business of civil construction.

The stock surged 23.30% in the past seven trading sessions to settle at Rs 43.65 yesterday, 9 March 2021, from its close of Rs 35.40 on Friday, 26 February 2021. The scrip hit 52-week high at Rs 44.80 during intraday trade. The stock soared 208.96% from its 52-week low of Rs 14.50 hit on 24 March 2020.

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