 "Equinox India shares dip 4% despite posting good Q3 nos; revenue up 176%")
Equinox India Development shares slipped 3.9 per cent in Monday's trade on BSE, logging an intraday low at Rs 127 per share. The selling pressure in the stock came after the company posted its Q3 results.
Around 12:33 AM, Equinox India Development share price was down 2.53 per cent at Rs 128.85 per share on BSE. In comparison, the BSE Sensex was down 0.84 per cent at 76,726.79. The market capitalisation of the company stood at Rs 8,200.93 crore. The 52-week high of the stock was at Rs 164.4 per share and the 52-week low was at Rs 92.7 per share.
Equinox India Development released its Q3 results on Friday after market hours. The company in the October-December quarter posted net profit of Rs 22.39 crore as compared to a loss of Rs 38.65 crore a year ago.
The company's revenue from operations stood at Rs 278.5 crore as compared to Rs 100.55 crore a year ago, up 176.97 per cent. Total expenses of the company stood at Rs 282.76 crore as compared to Rs 140.8 crore a year ago.
Meanwhile, the National Company Law Appellate Tribunal, New Delhi Bench, (NCLAT) on January 7, 2025, approved the scheme of amalgamation of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited, both Embassy group entities, with Equinox India Developments.
“We are excited to announce the much-awaited approval from NCLAT on our merger appeal. I am thankful to the Hon’ble bench for this expedited outcome and detailed order in the best interests of the Company and stakeholders. Also, we are grateful for the constant support of our two largest shareholders & other investors who participated in the preferential allotment pending merger completion. This outcome is a culmination of the turnaround strategy that was envisaged 2 years ago," said Sachin Shah, executive director, Equinox Indian Development.
Also Read
As per the company's official website, Equinox India Developments Limited is a real estate company, incorporated in 2006 with its focus on the construction and development of residential, commercial, and Special Economic Zone (SEZ) projects across major Indian metros. To grow its footprint internationally, and to give wings to its global ambitions, Indiabulls branched out to London a couple of years ago with some of the most marquee projects in the heart of upscale central London.
In the past one year, Equinox India shares have gained 32.16 per cent against Sensex's rise of 6.6 per cent.