Jhunjhunwala, Damani stock: Promoters lap up over 14 crore shares in this multibagger smallcap firm in 1 year

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It makes a case to look at the company when promoters are busy lapping up shares of their own firm from the open market. A smallcap firm Man Infraconstruction is one such firm in which promoters have been buying shares at regular intervals. Data available with BSE showed that promoters including Parag K Shah, Dhruvi M Shah and Mansi P Shah together have acquired more than 14 crore shares during the past one year.

Shares of the company were trading at Rs 75.20 on September 13, 2021, up around 403% from Rs 14.80 on March 24, 2020. On the other hand, the benchmark BSE Sensex has gained 119% to 58,227.

Data available with BSE showed that ace stock picker Rakesh Jhunjhunwala had 30 lakh, or 1.21% stake in the company as of June 30. Market veteran and billionaire Radhakishan Damani’s brother Gopikishan S Damani also held 33.21 lakh shares, or 1.34%, stake in Man Infraconstruction.

Man Infraconstruction is an infrastructure construction company having executed projects across India. The company provides construction services for port, infrastructure, residential, industrial, commercial and road infrastructure projects.

As on March 31, 2021, the company has a balance EPC order book of Rs. 762.15 crore executable over the next 3 years. In its annual report, Man Infraconstruction said, “In addition to the current order book, the construction work for any new real estate development projects will also be executed in-house. With increased government spending and investment from private companies, the outlook for the construction sector remains positive in long term. Company though will remain quite selective in adding new EPC projects to the order book.”

Manan Shah, Managing Director, Man Infraconstruction said, “We will continue to steer our enterprise in a direction that will maximise value for our shareholders and stakeholders. In FY2020-21, even as the market environment remained challenging and uncertain due to the widespread Covid-19, Man Infraconstruction was able to show improvement on several parameters and achieve growth. The new project ‘Aaradhya Oneearth’ launched during the year in Ghatkopar East, Mumbai received a remarkable response from the homebuyers.”

“We have already launched 8 out of the total 9 buildings owing to an excellent interest shown by the buyers at launch. As of June 20, 2021, in just nine months from launch, we have sold more than 350 units of total 500 units launched. The ongoing projects were also able to achieve good growth in sales volume,” he added.