Meghna Infracon hits all-time high on launching new residential project

Meghna Infracon stock shines: Shares of Meghna Infracon Infrastructure (MIIL) soared as much as 3.44 per cent to hit a fresh all time high of Rs 560 per share on Thursday, September 5, 2024. 

The uptick in Meghna Infracon Infrastructure share price came on the back of the company's announcement that it has launched a new residential project in Goregaon West, Mumbai. 

In an exchange filing, the company said, “Meghna Infracon Infrastructure Limited, is an emerging name in the real-estate industry. We proudly announce the launch of a new residential project named “Manju Villa” located at Goregaon (west). The project marks MIIL's strategic move into the space premium of Luxury real estate in Mumbai.”

The project has a total construction area of about 30 thousand square feet after delivering the possession to the original tenants. Meanwhile, the project is expected to generate revenue of about Rs 37 crore, the company said. 

Vikram Jayantilal Lodha, managing director of Meghna Infracon Infrastructure said, "We are excited to announce the acquisition of this prestigious development project at Jawahar Nagar Goregaon (West). This project aligns with our vision where it counts strengthening MIIL Group's presence in Mumbai region by creating iconic developments that offer a superior living experience. We look forward to delivering yet another benchmark project that reflects our commitment to excellence”

The construction of the property will be executed by “Meghna Developers AOP”, an associate entity of Meghna Infracon Infrastructure Limited, in which 90 per cent of the stake is held by Meghna Infracon Infrastructure Limited, the company added. 

Furthermore, the construction work at the site has been commenced and shall be executed as per the scheduled timelines. 

Meghna Infracon Infrastructure Limited, based in Mumbai, India, specialises in investment advisory services and a range of investment tools. 

Formerly known as Naysaa Securities Limited, the company rebranded to its current name in May 2024. 

Established in 2007, Meghna Infracon offers equity broking, IPO guidance for HNI, retail, corporate, NRI, and QFI clients, as well as mutual fund advisory services. 

Additionally, it provides derivatives trading, NRI solutions, fixed deposit bonds, and services related to loans and real estate.

The market capitalisation of the company is Rs 608.27 crore, according to Bombay Stock Exchange (BSE).

At 10:40 AM, shares of the company were trading at an all-time high level of Rs 560 apiece. In comparison, BSE Sensex was trading 0.14 per cent lower at 82,236.29 levels.