This upswing was driven by substantial trading volumes following the company’s announcement that its board would convene on November 29 to assess a proposal for fundraising.
Stock Market News: Shares of Man Infraconstruction surged 12 percent on Thursday to hit a new high of Rs 178.95 on the BSE. This upswing was driven by substantial trading volumes following the company’s announcement that its board would convene on November 29 to assess a proposal for fundraising.
The stock, part of the civil construction sector, has experienced a 24 percent increase over the past four consecutive days, with trading volumes more than doubling to approximately 5.9 million shares in the initial 15 minutes of trading on both the NSE and BSE.
According to an exchange filing, Man Infraconstruction board would deliberate on raising funds through various instruments, including equity shares, convertible securities, warrants, or debt securities, employing methods such as Private Placement, Preferential Issue, Qualified Institutions Placement, or other combinations as decided by the board.
“Proposal for raising of funds by way of issue of one or more of instruments comprising of equity shares, convertible securities of any other description or warrants or debt securities, through Private Placement/Preferential Issue/Qualified Institutions Placement or such other methods or combinations thereof as may be decided by the Board and to approve ancillary actions for the above-mentioned fund raising, subject to such statutory/regulatory approvals as may be necessary, including the approval of the Shareholders of the Company, wherever required,” the filing reads.
Man Infraconstruction, headquartered in Mumbai, operates in two business verticals: Engineering, Procurement, and Construction (EPC) and Real Estate Development. As a Real Estate Developer, the company has successfully delivered multiple residential projects in Mumbai.
Since April, in the current fiscal year 2023-24, Man Infraconstruction’s stock has surged by an impressive 162 per cent, attributed to robust earnings. In H1FY24 (April to September), the company reported a 65 per cent YoY increase in consolidated profit after tax, amounting to Rs 152 crore, driven by strong operational performance. The EBITDA margin also improved from 21.3 per cent to 24 per cent. However, revenue experienced a 4% YoY decline to Rs 725 crore.