Share price of this micro-cap real estate stock moved up by nearly 3.4 percent to Rs. 54.9 on BSE in the trading session of Friday, compared to its previous closing price of Rs. 53.1, after the company announced signing a Letter of Intent (LOI).
With a market capitalisation of Rs. 331.15 crores, at 12:45 p.m. the shares of Lancor Holdings Limited were trading in the green at Rs. 54.51, up by 2.66 percent.
In the last one year, the company has delivered about 173.5 percent of multibagger returns and nearly 51.5 percent of positive returns in the last six months. So far in 2024, it has given positive returns of around 38.6 percent.
According to recent regulatory filings with the stock exchanges, Lancor Holdings Limited has signed a Letter of Intent (LOI) for the joint development of ~85,000 square feet of 48 luxury residential apartments in a prime residential area of Chennai.
Further, the company mentioned in the filings that the implementation of this project will begin shortly, and it does not expect any difficulties in the sale and execution of this project.
Prior to this, the Chennai Metropolitan Development Authority (CMDA) approved the company’s proposed multi-storey premium residential apartment building at Sholinganallur, which includes a stilt plus 11 Floors and has a total saleable area of 85,000 square feet, according to filings from March 3rd.
In terms of financials, the net profit of the company increased by 212.2 percent to Rs. 1.28 crore in Q3 FY23-24 from Rs. 0.41 crore in Q3 FY22-23.
However, the company’s revenue from operations fell by 1.6 percent YoY from Rs. 31.67 crore in Q3 FY22-23 to Rs. 31.17 crore in Q3 FY23-24.
Lancor Holdings Limited is engaged in the business of real estate development, leasing of commercial properties and related activities.
Written by Shivani Singh
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