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Man Infraconstruction Ltd’s shares were up by 3.31 per cent after the company received an intimation of disapproval (IOD) clearance for its upcoming residential project. This encompasses a total of 10 societies located at Ratilal B. Mehta Road (60 Feet Road) in Ghatkopar East, Mumbai. It has a carpet area of approximately 4 lakh square feet.
The project is now in the process of obtaining further approvals and is expected to be launched, potentially in the fourth quarter of the financial year 2023-24. MICL Group anticipates a revenue generation of ₹1,200 crore over the next four years.
The shares gained 2.07 per cent to close at ₹157.50 on NSE.
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