Meghna Infracon Infrastructure's shares rose 19%, reaching a 52-week high of 268 a share on the BSE in Wednesday's intraday trade. The stock fell to a 52-week low of Rs 138 on June 27, 2023. The stock price rose as the business announced today the inauguration of its (west), Mumbai.

Vikram Jayantilal Lodha, managing director of Meghna Infracon Infrastructure, stated in an exchange filing that the upscale residential property is built on approximately 1 lac square feet of carpet area.

"The inauguration of 'Rivaan' is a critical milestone in our mission to become Mumbai's chosen luxury real estate developers. The construction work at the site has begun and will be completed according to the schedule," he said.

The real estate project offers a community living concept with 1 and 2 BHK flats as well as commercial units on the first floor, all located in the prime location of Goregaon West. According to data available on exchanges, the company made Rs 12.93 crore in fiscal year 2022-23, with a net loss of Rs 1.97 crore.

The microcap company Meghna Infracon Infrastructure has a market capitalization of Rs 460 crore. The company's shares are currently selling at a price-to-earnings multiple of 1576.98 times, with earnings per share of Rs 0.25. 

At 02:00 PM, the company's shares had pared most of their gains and were trading 7.62 percent higher on the BSE at Rs 423.45 per share. By comparison, the BSE Sensex was up 0.70 percent at 78,600 points.