Sumit Woods was locked in 5% upper circuit at Rs 78.76 after the company announced that it has been selected as the developer to redevelop the Dattani Trade Center Co-operative Society Premises situated at Borivali, Mumbai.
The aforementioned redevelopment project is located at a prime location on Chandavarkar Road. The project has potential revenue of 450 crore.
The value of the said project is nearly 1.87 times of Sumit Woods market capitalization, which currently stands at Rs 240.09 crore.
Sumit Woods is engaged in the construction of residential and commercial buildings across Mumbai and Goa.
The company's consolidated net profit surged to Rs 5.13 crore in the quarter ended March 2024 as against Rs 2.57 crore during the previous quarter ended March 2023. Sales rose 42.76% to Rs 65.40 crore in Q4 FY24 over Q4 FY23.
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