Man Infraconstruction advanced 2.35% to Rs 45.80 after the company said its joint venture is launching a real estate development project in Mumbai.
Man Infraconstruction through its joint venture (JV) entity, Man Chandak Realty, is launching a real estate development project having total saleable area of approx. 3,50,000 square feet at Vile Parle (West), Mumbai under the 'Development Management Model'. The project will be developed in two phases and Phase-I of the project will be launched in the name of 'Insignia'. The announcement was made during market hours today, 12 March 2021.
Meanwhile, Man Infrasconstruction on Tuesday, announced that the Bombay High Court has disposed-off the review petition filed by the Government of Maharashtra, related to a project involving subsidiary Manaj Tollway (MTPL).
"Accordingly, MTPL is expected to receive within 30 days, an amount of Rs 357.79 crore plus interest, aggregating to approx. Rs 380 crore," the company added.
Man Infraconstruction is a construction company engaged in the business of civil construction.
The stock soared 29.37% in the past nine trading sessions from its recent closing low of Rs 35.40 on Friday, 26 February 2021. The scrip hit 52-week high at Rs 46.70 during intraday trade. The stock surged 215.86% from its 52-week low of Rs 14.50 hit on 24 March 2020.
On the technical front, the stock's RSI (relative strength index) stood at 80.117. 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 36.85 and its 200-day moving average (DMA) placed at 27.62.
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