Oberoi Realty shares rise 3% as Thane project sees Rs 1,348 crore in bookings; Q2 profit up 29%

Oberoi Realty share prize advanced over 3 percent on October 21 after the company achieved Rs 1,350 crore gross bookings for new project in first three days.

The real estate developer also posted a 29 percent rise in its consolidated net profit to Rs 589.44 crore for the second quarter of this fiscal year. Its net profit stood at Rs 456.76 crore in the year-ago period.

The stock has been gaining for the last two trading sessions and has risen 4.02 percent in the period. The counter opened with a gain of 2.51 percent. It touched an intraday high of Rs 2,004.6 per share on the NSE, up 3.78 percent.

The sharp up move in the stock price was witnessed after its Oberoi Garden City Thane recorded gross booking value of Rs 1,348 crores over the first three days. Commenting on the overwhelming response to the project, Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, said, "This project epitomizes our vision of delivering a holistic, luxurious living experience and we believe it will set a new benchmark for luxury in Thane."