$Meghna Infracon shares rise 19% after residential project launch$

Meghna Infracon shares rise 19% after residential project launch

28 Jun 2024 CW Team

Shares of Meghna Infracon Infrastructure surged 19%, reaching a 52-week high of Rs 268 per share on the BSE. This significant increase followed the company's announcement of its new residential project, ?Rivaan,? located in Goregaon (West), Mumbai. Just a year ago, on June 27, 2023, the stock had hit a 52-week low of Rs 138.

In an exchange filing, Vikram Jayantilal Lodha, the managing director of Meghna Infracon Infrastructure, stated that the upscale residential project spans approximately 100,000 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 will be executed according to the scheduled timelines,? he added.

The ?Rivaan? project offers a community living concept with 1 and 2 BHK residences, along with commercial units on the first floor, located in the prime area of Goregaon West.

According data, the company recorded Rs 129 million in revenue for the fiscal year 2022-23 but posted a net loss of Rs 19.7 million. Meghna Infracon Infrastructure, a microcap firm, has a total market capitalisation of Rs 4.6 billion. Currently, the company?s shares are trading at a price-to-earnings multiple of 1576.98 times with an earnings per share of Rs 0.25. (Source: BS)

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