Smallcap Stock, 155% RETURN: Realty major Man Infra forms JV in US
smallcap stock, 155% return: realty major man infra forms jv in us
Smallcap Stock: Man Infraconstruction, a Mumbai-based real estate developer, has announced the incorporation of a joint venture with its wholly-owned subsidiary MICL Global in Florida, US. The JV -- MICL Tigertail, will carry out business of real estate development and other lawful activities, the company has informed about the same through an exchange filing.
"MICL TIGERTAIL LLC is a JV entity of MICL Global, INC, a wholly owned subsidiary of the company. MICL TIGERTAIL LLC has been incorporated in State of Miami, Florida, USA in June, 2024 to inter-alia carry on the business of Real Estate Development and other lawful activities and is yet to commence business operations," the filing said.
"MICL Global, INC is expected to contribute capital of US $ 2 million approximately in MICL TIGERTAIL LLC," the filing added.
Man Infraconstruction will hold 50 per cent stake in the newly formed the company through its subsidiary MICL Global.
Man Infra Share Price
Meanwhile, Man Infra shares opened in the green at Rs 196.80 against the previous close of Rs 194.95. It made a high of Rs 199.65, up 2 per cent. Around 1 PM, the realty stock traded flat with negative bias at Rs 194 apiece around 1 PM on NSE. As many as 12.78 lakh shares of the company changed hands around the same time.
Man Infra Share Price History
Man Infra is a constituent of BSE SmallCap index. According to BSE analytics, its shares have climbed 70 per cent in the last one year. The counter has more than doubled investors money in the last two years, zooming a whopping 155 per cent.
The stock has made its investors wealthier by 397 per cent in the last three years and 888 per cent in the last five years.
In the fourth quarter (Q4FY2024), the company had posted over twofold rise in its standalone net profit to Rs 66.53 crore. It had posted a net profit of Rs 29.81 crore during the fourth quarter of last fiscal. However, the company's total income fell to Rs 186.22 crore from Rs 370.47 crore in the January-March period of FY23.
EPC firm Man Infraconstruction is into verticals like ports, infrastructure, commercial projects, institutions, IT projects and futuristic lifestyle houses.