Shares of the Mumbai-based real estate developer rose as much as 2.6 per cent to hit an intraday high of Rs 89.40 after the company informed exchanges that its subsidiary Man Infra Contracts, wherein the company holds 70 per cent partnership, was appointed as developer by Juhu Sai Darshan Co-Operative Housing Society at Juhu in Mumbai.
The company will undertake redevelopment work at Juhu Sai Darshan Co-Operative Housing Society and is expected to generate revenue to the tune Rs 250 crore from the project.
Man Infraconstruction shares were witnessing lower than ususal trading volumes as 2.92 lakh shares changed hands on the BSE compared with an average of 3.23 lakh shares traded daily in the past two weeks.
Man Infraconstruction has so far this year jumped 161 per cent compared with a gain of over 20 per cent in the Sensex.
As of 12:39 pm, Man Infraconstruction shares traded 1.34 per cent higher at Rs 86.70, outperforming the Sensex which was 0.62 per cent.