Ajmera Realty shares gain 4% as new project sees 81% sell-out in 24 hours

Ajmera Realty shares rose 4 per cent after it launched a premium and mid-segment residential project and recorded an 81 per cent sell-out within hours

Shares of Ajmera Realty and Infra India Ltd. rose over 4 per cent on Tuesday after it launched premium and mid-segment residential project and recorded a 81 per cent sell-out within 24 hours. 

 

The company's stock rose as much as 4.5 per cent during the day to ₹985.1 per share, the biggest intraday rise since November 18 this year. The Ajmera Realty and Infra India stock pared gains to trade 1.5 per cent higher at ₹956 apiece, compared to a 0.28 per cent decline in Nifty 50 as of 1:06 PM. 

 

Shares of the company snapped a three-day losing streak on Tuesday. The counter has fallen 11.7 per cent this year, compared to a 9.4 per cent advance in the benchmark Nifty 50. Ajmera Realty has a total market capitalisation of ₹3,749.74 crore.   CATCH STOCK MARKET UPDATES TODAY LIVE

Ajmera Realty launches premium & mid-segment residential project

The company has strengthened its presence in the Vikhroli micro-market with the launch of Phase 1 of Ajmera Solis, a premium and mid-segment residential project that recorded around ₹427 crore in sales within the first 24 hours, according to an exchange filing. 

 

The project saw an uptake of 324 units, covering about 1.94 lakh sq. ft. of carpet area, the statement said. This translates into an 81 per cent sell-out against the launched inventory of 2.40 lakh sq. ft., marking one of the fastest sales turnarounds in Vikhroli and neighbouring markets, it said. 

 

The development offers 1 BHK units priced below ₹1 crore, 2 BHKs under ₹1.6 crore and 3 BHKs below ₹2.25 crore. The project is coming up on a land parcel acquired from Tata Communications Ltd. 

 

Ajmera Solis has also secured a ₹88 crore investment from a marquee private equity investor, marking the first such partnership in Ajmera Realty's portfolio. Along with secured credit lines and strong initial sales momentum, the project is now financially closed based on current velocity and is set for faster execution.  ALSO READ | B&K backs Hindustan Zinc on low-cost operations, silver-driven earnings

Ajmera Realty Q2 results

The company reported a 57 per cent increase in its consolidated net profit to ₹35.35 crore in the September quarter. Its net profit stood at ₹22.53 crore in the year-ago period.

 

Total income rose to ₹204.12 crore in the second quarter of the current fiscal from ₹147.59 crore in the corresponding period a year ago. The company has raised ₹225 crore from investors on preferential allotment basis.