Omaxe jumps almost 31% in six days

Omaxe hit an upper circuit of 10% at Rs 90.45, extending gains for the sixth consecutive session.

Shares of Omaxe have soared 30.89% in six trading sessions from a recent closing low of Rs 69.10 hit on 27 November 2020.

On Monday (7 December), the real estate company announced that it doubled its sales to Rs 2,145 crore in FY 2019-20 following a strong real estate demand in Tier II/III cities. Omaxe, in its Annual Report 2019-20 said that it sold a total area of 8.26 million square feet was worth Rs 2,145 crore in FY 2019-20 as against 3.55 million sq. ft. area worth Rs 872 crore in FY 2018-19. The average realization increased for the FY 2019-20 to Rs 2,912 per square feet for residential and Rs 8,382 per square feet for commercial projects.

The company delivered 6.70 million sq. ft. in FY 2019-20 and targets to develop & deliver around 8 million sq. ft. of area in FY 2020-21. The company's total delivery as on September 2020 stood at 124.30 million sq. ft. in real estate and construction contracting.

On a consolidated basis, Omaxe reported a net loss of Rs 76.58 crore in Q2 September 2020 as compared to a net profit of Rs 8.08 crore in Q2 September 2019. Net sales declined 38.3% to Rs 155.04 crore in Q2 September 2020 over Q2 September 2019.

Omaxe is engaged in real estate activities. The company is engaged in the business of providing infrastructure facilities, which include housing and real estate development.

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