 "Oberoi Realty scales new height in trade; Here's what's driving the rally")
Oberoi Realty shares hit an all-time high on the BSE at Rs 2,002.1 per share, after gaining 4.3 per cent in Monday's trade.
The realty player's stock advanced after the company revealed its board will mull over a second interim dividend for FY24-25 along with the company's financial results for the second quarter in a board meeting scheduled for October 18.
Meanwhile, fundraising is to be considered by the board on October 16 for issuing non-convertible debentures.
The realty player's stock advanced after the company revealed its board will mull over a second interim dividend for FY24-25 along with the company's financial results for the second quarter in a board meeting scheduled for October 18.
Meanwhile, fundraising is to be considered by the board on October 16 for issuing non-convertible debentures.
Additionally, the board's nod to raise up to Rs 6,000 crore in one or more tranches by way of issuance of equity shares, eligible securities, other securities or instruments, or any combination of securities, has also pushed the stock to new heights.
At around 11:39 AM, Oberoi Realty's share price was up 3.53 per cent at Rs 1,987 per share. In comparison, the BSE Sensex was up 0.71 per cent at 81,957.6 around the same time. The market capitalisation of the company stood at Rs 72,247.76 crore around the same time.
In one of its exchange filings, Oberoi Realty said, "This is to inform you that a meeting of the board of directors of the company will be held on Friday, October 18, 2024 ...to consider and approve unaudited financial results of the company for the quarter ended September 30, 2024, and to consider and declare 2nd interim dividend for FY24-25 on the equity shares of the company."
Oberoi Realty, in the quarter ended June 30, reported an 81.8 per cent year-on-year (Y-o-Y) rise in net profit at Rs 584.5 crore, compared to Rs Rs 321.6 crore in the year-ago period. The company's revenue from operations jumped 54.4 per cent to Rs 1,405.2 crore against Rs 910 crore a year ago.
The company's earnings before interest, tax, amortisation, and amortisation (Ebitda) margin stood at 58 per cent in the reporting quarter, compared to 52 per cent in the year-ago period.
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Oberoi Realty's dividend history
In August, the company distributed an interim dividend of Rs 2. Prior to that, Oberoi Realty had issued a final dividend of Rs 2 in June 2024.
In the past one year, shares of Oberoi Realty have gained 70 per cent, compared to the BSE Sensex's rise of 23 per cent during the same period.