 "Ganesh Housing zooms 53% in five trading days; hits over 13-year high")
Shares of Ganesh Housing Corporation (GHCL) hit an over 13-year high of Rs 298.10, surging 16 per cent on the BSE in Wednesday’s intra-day trade, in an otherwise range-bound market. At 11:46 am, the stock was11 per cent higher, as compared to 0.03 per cent gain in the S&P BSE Sensex. The stock hit its highest level since June 2008.
The realty stock has zoomed 53 per cent in the past five trading days. In comparison, the benchmark index was up 2.2 per cent during the same period. Earlier, it had hit a record high of Rs 553 on January 4, 2008.
GHCL is engaged in construction of residential and commercial projects in and around Ahmedabad. Till date, the company, along with its various special purpose vehicles (SPVs), has developed 22 million square feet of projects with 85 per cent of all the development in the residential sector.
Currently, the company has 2 projects under construction: Malabar County III and Malabar Exotica. Apart from these, the company has more 3 projects namely Malabar Luxuria, IT SEZ, and Smile city which are expected to commence in FY2023.
On March 3, 2022, Brickwork Ratings India Pvt. Ltd had upgraded the ratings of bank loan facilities of the company by 3 notches from BWR B- to BWR BB- and outlook was upgraded from 'Negative' to 'Stable'.
Brickwork's rating upgrade reflects improved financials, significant reduction in debt, improved leverage metrics, cash inflow receipts from sales of land parcels, improved cash flows (as the company has already received customer advances of Rs. 72 crore from the running projects), and monetization of the land bank, that reduced debt and improved gearing ratio.
"The company has an ongoing project which enables company to be at a stage wherein a couple of their projects are always under the advanced stage of construction and a couple of them are under the nascent stage. This combination helps the company to balance its cash flows more efficiently," said Brickwork Ratings.
The realty stock has zoomed 53 per cent in the past five trading days. In comparison, the benchmark index was up 2.2 per cent during the same period. Earlier, it had hit a record high of Rs 553 on January 4, 2008.
GHCL is engaged in construction of residential and commercial projects in and around Ahmedabad. Till date, the company, along with its various special purpose vehicles (SPVs), has developed 22 million square feet of projects with 85 per cent of all the development in the residential sector.
Currently, the company has 2 projects under construction: Malabar County III and Malabar Exotica. Apart from these, the company has more 3 projects namely Malabar Luxuria, IT SEZ, and Smile city which are expected to commence in FY2023.
On March 3, 2022, Brickwork Ratings India Pvt. Ltd had upgraded the ratings of bank loan facilities of the company by 3 notches from BWR B- to BWR BB- and outlook was upgraded from 'Negative' to 'Stable'.
Brickwork's rating upgrade reflects improved financials, significant reduction in debt, improved leverage metrics, cash inflow receipts from sales of land parcels, improved cash flows (as the company has already received customer advances of Rs. 72 crore from the running projects), and monetization of the land bank, that reduced debt and improved gearing ratio.
"The company has an ongoing project which enables company to be at a stage wherein a couple of their projects are always under the advanced stage of construction and a couple of them are under the nascent stage. This combination helps the company to balance its cash flows more efficiently," said Brickwork Ratings.
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