Shares of Ajmera Realty and Infra India soared over 10 percent to hit a 52-week high of 521.15 on January 11 morning after the company recorded a sharp jump in sales value for the October-December quarter.
The company's sales value rose 98 percent on year to Rs 253 core in the third quarter while collections grew 30 percent to Rs 151 crore.
The realty major attributed the growth in sales value to sustained interest in its key projects, Ajmera Manhattan and Ajmera Eden in Mumbai as well as its projects in Bengaluru despite limited inventory.
At 2.31 am, Ajmera Realty was trading at Rs 502 on the National Stock Exchange. Volumes in the counter also shot up, as 8 lakh shares changed hands, significantly higher than the one-month daily traded average of 3 lakh shares.
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"As we exit Q3 FY24, we are firmly on course to achieve our sales goal of Rs 1,000 crore for this fiscal," said Dhaval Ajmera, Director, Ajmera Realty & Infra India, in an exchange filing.
Ajmera said the recent upturn in the real estate sector was fuelled by a record number of property registrations in Mumbai and the MMR (Mumbai Metropolitan Region) region. "This surge is propelled by substantial infrastructure development projects that are driving an upward trend in property prices," he said.
There was a growing demand for mid-segment and premium homes, a segment that aligns with Ajmera's specific offerings, he said.
The company acquired a residential redevelopment project in Versova, Mumbai, with a potential development area of around 90,700 sq ft and a gross development value of Rs 360 crore.
"Securing a redevelopment project in Versova with an expected sales value of Rs 360 crores strengthens our portfolio and widens our market appeal. Given the ongoing redevelopment and metro expansions, we anticipate growing demand. This move underscores our commitment to diversification and progress towards our 5x growth goal,” Ajmera added.
In an interaction with CNBC-TV18, Ajmera also stated the company's plans to two more projects in Q4, with a potential of around Rs 400 crore. He also forecasted a 10 percent rise in demand for the Mumbai business.
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