What led Meghna Infracon Infra share to rally 11%, hit all-time high today?

Meghna Infracon Infrastructure share price: Shares of Meghna Infracon Infrastructure Limited soared up to 11.21 per cent to an all-time high of Rs 758.40 per share on Monday, December 2, 2024. 

 

The surge in Meghna Infracon Infrastructure shares came after the company announced the launch, and Bhoomi Poojan of a new residential project, ‘Riviera’ at Goregaon (West), Mumbai. 

 

The project marks the company’s strategic move into the space premium of Luxury real estate in Mumbai, it claimed.  

 

According to the company, the project offers excellent connectivity to nearby schools, colleges, hospitals, railway stations, and entertainment hubs. 

 

The project has a total construction Built up area of about 30,000 square feet, with total estimated sale potential of over Rs 22 crore. 

 

The project is executed through ‘Meghna Aakar Constructions’, a subsidiary entity of Meghna Infracon Infrastructure Limited, in which 95 per cent stake is held by Meghna Infracon Infrastructure.

 

“The launch of ‘Riviera’ marks a significant milestone in our journey towards becoming the preferred luxurious real estate developers in Mumbai. The construction work at the site has been commenced, and shall be executed as per the scheduled timelines. With the launch of ‘Riviera’ we introduced an innovative community living concept offering residence in 1 and 2 BHK located in the prime area of Goregaon West,” said Vikram Jayantilal Lodha, managing director of Meghna Infracon Infrastructure. 

 

Headquartered in Mumbai, Meghna Infracon Infrastructure is a real estate developer. The company has delivered multiple residential projects in Mumbai, and is recognised for its superior quality construction and timely project delivery. 

 

The company has extensive experience in construction management and has inherent skills and resources to develop and deliver real estate projects. 

 

The market capitalisation of Meghna Infracon Infrastructure is Rs 793.57 crore, according to BSE. The 52-week low of Meghna Infracon Infrastructure is Rs 192.10 per share.

 

At 2:02 PM, Meghna Infracon Infrastructure share was trading 7 per cent higher at Rs 729.70 per share. In comparison, BSE Sensex was trading 0.15 per cent or 122.44 points higher at 79,925.23 levels.