Share Market News: Man Infraconstruction Shares Rise As Company Forms JV in Florida | Key Details Here

The benchmark indices opened on a bullish note and hit all-time high levels, but soon profit booking emerged, the indices pared early gains and were trading in the negative territory.

Shares of Mumbai-based real estate developer Man Infraconstruction Ltd. (MICL) are in focus as the company has informed exchanges that it has incorporated a real estate joint venture MICL Tigertail with its wholly-owned subsidiary MICL Global in Florida, United States.

The shares of Man Infra opened in the green at Rs 196.80 against the previous close of Rs 194.95 on the BSE. It surged further to touch the high of Rs 199.65, up 2 per cent. Last seen, the counter was trading at Rs 195.80.

“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 company said in an exchange filing.

“MICL Global, INC is expected to contribute capital of US $ 2 million approximately in MICL TIGERTAIL LLC,” the filing added.

According to information shared, MICL will hold a 50 per cent stake in the newly formed company through its subsidiary MICL Global. Meanwhile, equity benchmark indices Sensex and Nifty hit their fresh lifetime high levels in early trade on Tuesday, amid a rally in global markets and buying in IT stocks.
The 30-share BSE Sensex jumped 379.68 points to hit a record peak of 79,855.87 in early trade. The Nifty climbed 94.4 points to hit a lifetime high of 24,236.35.

Among the Sensex pack, HCL Technologies, Tata Consultancy Services, Infosys, Bharti Airtel, HDFC Bank and Power Grid were the biggest gainers. Tata Motors, Bajaj Finance, Kotak Mahindra Bank and ICICI Bank were among the laggards.

The benchmark indices opened on a bullish note and hit all-time high levels, but soon profit booking emerged, the indices pared early gains and were trading in the negative territory.

(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)