This Micro-Cap Construction and Engineering Company shares hit a 2 percent upper circuit to a 52-week high price of ₹583.10 a share after the company set to acquire to 51% stake in a Mumbai-based real estate company.
On Friday, Last Mile Enterprises Ltd. shares hit a 2 percent upper circuit to ₹ 583.10 apiece on the Bombay Stock Exchange. The company has a market capitalization of ₹ 985 crore.
Last Mile Enterprises is set to acquire a controlling 51% stake in Fair Lane Reality Ltd, a Mumbai-based real estate company. This strategic acquisition, valued at ₹12.75 crores, marks the key initiative for Last Mile Enterprises to drive its upcoming real estate ventures through the established platform of Fair Lane Realty Ltd.
The payment, totaling ₹12.75 crore, will be facilitated through a cash transaction via standard banking channels. It’s noteworthy that as of March 31, 2023, Fair Lane Reality Ltd. reported a turnover of ₹ 2 lakhs. As per the company filing.
The company’s return on equity increased from 30.91 percent in FY22 to 35.24 percent in FY23, while the return on capital employed rose from 13.02 percent to 32.64 percent during the same period.
The company shares have delivered a multibagger return of 146 percent in six months. An investment of ₹1 lakh in the company would be worth ₹ 2.46 lakhs in just six months.
In the recent financial year, the company reported a net profit margin of 9.15 percent and an operating profit margin of 15.81 percent.
Last Mile Enterprises is in the business of construction and engineering, and the company is also in the business of trading and investing in shares & securities.
Written by Omkar Chitnis
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