Shares of this real estate stock hit the 10 percent upper circuit in Monday’s trading session after a consortium company, including the same and other two entities, bagged an order for the development of Bus Terminals worth Rs 385 crores. Year-to-date, the company’s stock has gained nearly 50 percent.
With a market capitalization of Rs 2,019.22 crores, the stocks of Omaxe Limited started their trading session on Monday at Rs 105.05 and currently are locked in the 10 percent upper circuit registered at a price of Rs 110.40 apiece. Moreover, the company’s stock is inching towards its 52-week high price of Rs 117.
Such sharp movements in the company’s share price were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated that the consortium company emerged as a successful bidder by Uttar Pradesh State Road Transport Corporation (UPSRTC) for development of Bus Terminals totaling Rs 385 crores.
The consortium company mentioned above comprises Omaxe Limited (Lead Member), Be Together Developers Private Limited, and Radhika Buildwell Private Limited. The order pertains to the development of ‘2’ Bus Terminals, one at Amausi, Lucknow on a land area of 20,170 sq. mts for a total project cost of Rs 160 crores and the other at Ayodhya Dham on a land area of 36,426 sq. mts for a total cost of Rs 225 crores.
The abovementioned Bus Terminals will be developed under the Design, Build, Finance, Operate, and Transfer (DBFOT) model on a PPP basis.
During the recent financial quarters, the company portrayed positive movements as far as its prime business indicators are concerned. The operating revenues showed a shift from Rs 266 crores during Q2FY24 to Rs 599 crores during Q3FY24 and the bottom-line numbers too saw a reduction in losses from Rs 84 crores to Rs 71 crores.
As per the latest shareholding pattern data for the quarter ended December 2023, the company’s Promoters hold a 74.14 percent stake, and the Foreign Institutional Investors (FIIs) hold a 7.06 percent stake in the company.
Omaxe Limited is engaged in the Real Estate business carrying on the construction, development, and sale of residential, commercial properties, townships, etc. Geographically, the company derives most of its revenue from domestic operations in India. Some of its properties include Omaxe R2, the Forest Spa, Omaxe Full Moon, and others.
Written by Amit Madnani
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