Oberoi Realty gains after IT authorities conclude search, seizure ops

Oberoi Realty rose 2.76% to Rs 505.05 at 09:26 IST after the company said that the Income Tax team has left its premises.

The real estate developer said that it co-operated and responded to all clarifications that were sought by the Income Tax authorities and shall continue to do so for any further information that they may require. The company said it does not anticipate the search and seizure operations to have any material or adverse impact on the company. The announcement was made after trading hours yesterday, 27 August 2019.

On the BSE, 3905 shares were traded in the counter so far compared with average daily volumes of 39248 shares in the past one quarter. The stock hit a high of Rs 507.1 and a low of Rs 495.6 so far during the day.

The stock hit a 52-week high of Rs 641.7 on 04 Jul 2019. The stock hit a 52-week low of Rs 351.75 on 05 Oct 2018.

The scrip has outperformed the market in past one year, up 4.67% as against Sensex's 2.72% rise.

On a consolidated basis, the real estate company's net profit fell 50.9% to Rs 152.07 crore on a 32.1% decline in the net sales to Rs 603.25 in Q1 June 2019 over Q1 June 2018.

Oberoi Realty is a real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals.

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