Man Infraconstruction gains after bagging orders

Man Infraconstruction rose 1.94% to Rs 55.15 at 10:53 IST on BSE after the company said it received orders worth Rs 220.75 crore from Pimpri Chinchwad Municipal Corporation.

The announcement was made during trading hours today, 12 March 2018.

Meanwhile, the S&P BSE Sensex was up 313.80 points, or 0.94% to 33,620.94.

On the BSE, 54,000 shares were traded in the counter so far compared with average daily volumes of 64,000 shares in the past two weeks. The stock had hit a high of Rs 56 and a low of Rs 54.15 so far during the day. The stock hit a 52-week high of Rs 74.55 on 5 January 2018. The stock hit a 52-week low of Rs 37.80 on 21 March 2017.

Man Infraconstruction said it has received orders worth Rs 220.75 crore from Pimpri Chinchwad Municipal Corporation (PCMC) for construction of 2,376 residential units within the jurisdiction of PCMC under the Pradhan Mantri Awas Yojna (PMAY) Housing scheme. PMAY is a programme by the Government of India to ensure "Housing for all by 2022".

On a consolidated basis, net profit of Man Infraconstruction rose 12.01% to Rs 10.54 crore on 20.34% rise in net sales to Rs 165.34 crore in Q3 December 2017 over Q3 December 2016.

Man Infraconstruction is a construction company headquartered in Mumbai with over 5 decades of experience in providing construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects.

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