Max Estates share price jumped as much as 8 percent on Monday, 19 August, to a fresh all-time high of Rs 616.95, extending the last one week's gains. The realty stock has risen more than 17 percent in five trading sessions since a news report that it has got approval from NOIDA to takeover the Delhi-One project.
Max Estates, in a clarification to stock exchanges, later said it is yet to receive the confirmation letter from the Authority. The firm was a successful applicant for the resolution of Boulevard Projects Pvt Ltd, for the development of a 34,697-sq mtr commercial plot under the project name ‘Delhi One’.
The stock price has more than doubled in the last 180 days, delivering multibagger returns of 124.02 percent per BSE data.
The company has expanded its residential footprint in Gurugram and executed a binding agreement on a joint development model for a potential group housing residential development with gross development value of over Rs 9,000 crore.
Earlier, in May, Max Estates said it has executed a binding agreement for New York Life to invest Rs 388 in the realty firm acquire a 49 percent stake in the two SPVs holding core assets, namely Max Towers and Max House Phase 1 and Phase 2. Max stock had surged over 17 percent intraday at the time.
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