Meghna Infracon skyrockets 19% on unveiling residential project in Mumbai

Shares of Meghna Infracon Infrastructure surged up to 19 per cent, hitting its 52-week high at 268 per share on the BSE in Wednesday’s intraday trade. The stock had hit a 52-week low of Rs 138 on June 27, 2023.  

The stock price surged after the company today announced the launch of its residential project named ‘Rivaan’ located at Goregaon (west), Mumbai.

Meghna Infracon Infrastructure’s managing director, Vikram Jayantilal Lodha said in an exchange filing that the affluent residential project is built on approx 1 lac square feet of carpet area.

“The launch of ‘Rivaan’ marks a significant milestone in our journey towards becoming the preferred luxurious real estate developers in Mumbai. The construction work at the site has commenced and shall be executed as per the scheduled timelines,” he added. 

The real estate project offers a community living concept with residences in 1 and 2 BHKs along with commercial units on the first floor located in the prime area of Goregaon west.

According to the data available with exchanges, the company recorded Rs 12.93 crore in fiscal year 2022-23, while recording a net loss of Rs 1.97 crore.

The microcap firm Meghna Infracon Infrastructure has a total market capitalization of Rs 460 crore. 

The company’s shares are presently trading at a price to earnings multiple of 1576.98 times with an earning per share of Rs 0.25.

At 02:00 PM; the shares of the company pared most of its gains and were trading 7.62 per cent higher at Rs 423.45 per share on the BSE. By comparison the BSE Sensex was up by 0.70 per cent at 78,600 levels.