Ajmera Realty & Infra India rose 6.46% to Rs 233.05 at 14:41 IST on BSE after the company said it acquired land at Electronic City-2 in Bengaluru.
The announcement was made during trading hours today, 11 June 2018.Meanwhile, the S&P BSE Sensex was up 217.12 points, or 0.61% to 35,660.79.
On the BSE, 33,000 shares were traded in the counter so far compared with average daily volumes of 29,000 shares in the past two weeks. The stock had hit a high of Rs 234.35 and a low of Rs 220.40 so far during the day. The stock hit a 52-week high of Rs 365.65 on 8 December 2017. The stock hit a 52-week low of Rs 175 on 11 August 2017.
Ajmera Realty & Infra India said it acquired 5.5 acres of land at Electronic City-2, Bengaluru through its wholly-owned subsidiary, which has a potential to develop 5.5 lakhs square feet, which may generate revenue of approximately Rs 300 crore in three years span. All statutory approvals are in place and this project may be launched by next quarter.
Last week the company launched project of 7 lakh square feet. In addition to that, now the total area under development in Bengaluru, along with the existing projects is approximately 14 lakh square feet, which will generate revenue of Rs 700 crore approximately, over a period of 3 to 4 years.
The company said that Bengaluru is one of its key market, where it has already developed and delivered 35 lakh square feet. The company is a market leader in Electronic City, where it has developed and delivered 20 lakh square feet and with this additional acquisition, the firm's presence in market will be further strengthen.
On a consolidated basis, net profit of Ajmera Realty & Infra India rose 32.16% to Rs 32.67 crore on 30.04% rise in net sales to Rs 114.49 crore in Q4 March 2018 over Q4 March 2017.
Ajmera Realty & Infra India is a real estate company.
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