119% return in 2 years: MICL shares gain as company announces focus on luxury projects

Shares of operation engineering institution Man Infraconstruction are successful enactment connected Monday. The antagonistic opened successful reddish astatine Rs 172.60 connected the BSE but reached a precocious of Rs 176.50 - a summation of 2.23 per cent from the erstwhile adjacent of 172.65.  According to BSE Analytics, the scrip has fixed a affirmative instrumentality of 119 per cent successful 2 years 

The summation successful stock terms comes arsenic the institution has announced a strategical realignment of its existent property portfolio. The institution said it is sharpening its absorption connected the luxury projects crossed Mumbai.

"As portion of this strategical shift, MICL Group has divested from signifier 3 of the task located adjacent Dahisar successful Mira road. This divestment represents a strategical determination to absorption much efficiently towards our upcoming luxury projects successful Mumbai’s prime locations similar Pali Hill (Bandra), BKC, Vile Parle, and Marine Lines," the institution said successful an speech filing.

The institution besides informed exchanges that its subsidiary, Man Vastucon LLP, has successfully completed and astir sold retired Phase 1 of Aaradhya Highpark, which offers 6.5 lakh quadrate feet of carpet area.

The ongoing 2nd phase, Aaradhya Parkwood, spans 5.3 lakh quadrate feet and has already achieved awesome sales. However, the institution has relinquished the improvement rights for Phase 3 to sharpen its absorption connected high-end projects.

Meanwhile, equity benchmark indices declined successful aboriginal commercialized connected Monday, owing to relentless overseas money outflows, selling successful IT stocks and anemic leads from the US markets.

The BSE benchmark Sensex declined 156.72 points to 77,423.59 successful aboriginal trade. The NSE Nifty dipped 64.25 points to 23,468.45.

From the 30-share Sensex pack, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, NTPC, Axis Bank, Tata Motors and IndusInd Bank were the large laggards.

HDFC Bank, Tata Steel, Bajaj Finance and Asian Paints were among the gainers.