Stock of this realty company has zoomed 71% in the past 6 days

Shares of Omaxe have moved higher by 8 per cent to Rs 74.15 on the BSE in Friday’s intra-day trade, extending their past one-week rally. In the past six trading days, the stock of realty firm has zoomed 71 per cent from a level of Rs 43.45. In comparison, the S&P BSE Sensex has slipped nearly 1 per cent during this period.

The counter that hit a 52-week low of Rs 42.39 on August 29, 2023, traded at a record low of Rs 37.96 in March 2009. It had hit a record high of Rs 581.24 in December 2007.

According to a PTI report, Omaxe Group on Tuesday, September 26 had said it has acquired over 5 acres of land in Ludhiana, Punjab for Rs 220 crore. In a statement, Omaxe said it has "secured more than 5 acres of prime land... through a competitive bidding process conducted by the Rail Land Development Authority (RLDA)." The acquisition was finalised at a bidding amount of Rs 220 crore, it added. CLICK HERE FOR FULL DETAILS

On clarification on news report, Omaxe said this article is continuation of earlier acquired project, and does not have any new or significant impact on the Company or its business operations.

Since May 2022, from time to time, the Company and/or it’s wholly owned subsidiary are taking all requisite steps for completion of post bidding process & formalities, complying & satisfying the other terms and condition of bidding, and shall also take all necessary steps, as may be required from time to time, for future development / redevelopment of said land/project, in its due course, the company said. CLICK HERE FOR FULL REPORT