Max Ventures share price rises after NCLT nod to ‘Delhi One’ project

Shares of Max Ventures & Industries Limited (MaxVIL) gained 4.6 percent on Wednesday after the National Company Law Tribunal (NCLT) approved a resolution plan submitted by the company’s real estate arm Max Estates Limited (MEL) for development of a commercial plot in Noida.

The 34,697-square-metre plot in Noida is under the ‘Delhi One’ project and its acquisition has the potential to add 2.5-3 million square feet of additional development footprint to the portfolio of Max Estates, the company said in a filing.

MEL also received the completion certificate for Max Square, a Grade A+ greenfield development in Noida, and has a net leasable area of 6.7 lakh square feet. New York Life, which is the strategic partner in the real estate business, had also co-invested in the development and holds 49 percent stake.

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The company entered into the residential real estate market in Gurugram through a joint development agreement (JDA) with Namo Realtech on February 17 to develop a 12-acre housing project with a development potential of around 2.4 million square feet and a gross development value exceeding Rs 3,200 crore.

In the third quarter, the company reported that MEL’s current project portfolio (delivered and under construction) comprised 4-million-plus square feet across the residential and commercial segments as of December 2022.

The company’s consolidated revenue from operations declined 23 percent on-year to Rs 2,927.5 lakh, while it improved 7 percent sequentially in Q3. Net profit for the period stood at Rs 402 lakh, down 88 percent on-year. Profit for the September 2022 quarter stood at Rs 343 lakh.

The share price of MaxVIL has gained 5.3 percent in the last 6 months while declining 3.8 percent in the last month. At 10.47am, the scrip was trading 3.54 percent higher on the NSE at Rs 137.50 apiece.