Man Infra shares jump 5% on Monday. Here are the possible reasons behind the rise

Shares of Man Infraconstructions Ltd (Man Infra) surged during the trading session on Monday. The multibagger stock has been rallying higher on the back of project updates and increased promoter stake in the company. The company informed about the same through separate exchange filings.

Man Infra's promoter Mansi P Shah bought a total of 2 lakh equity shares of the company through open market transactions on Thursday, March 14, 2024, said the company in an exchange filing. With this acquisition Mansi P Shah owns 5,88,95,139 equity shares or 15.86 per cent stake in the company.

Last week, the company informed about the early delivery of two towers of its latest residential project Aaradhya Highpark', which is located near Dahisar at Mira Road, Mumbai (Maharashtra), said the company in another exchange filing. The project was launched in August 2021 but is delivered 21 months ahead-of RERA timeline, it said.

Shares of Man Infraconstructions surged more than 5.25 per cent to Rs 197 on Monday, with a total market capitalization of more than Rs 7,100 crore. The scrip had previously settled at Rs 187.15 on Friday. The stock has delivered about 200 per cent returns from its 52-week lows at Rs 66.25 hit in March 2023.

"With the completion of the remaining two towers in 'Aaradhya Highpark', the group has delivered over 1,300 apartments in a record time, including shops, across its six residential towers and one commercial tower named 'Aaradhya Primus'. Launched in October 2018, the first four residential towers and one commercial tower were delivered in November 2022," it said.

Man Infraconstruction is an integrated EPC (engineering, procurement & construction) company with experience and execution capabilities in port, residential, commercial, industrial and road construction segments with projects spanning across India.