The shares of one of the leading luxury real estate developers gained 5.5 percent to an all-time high price of Rs 184.9 apiece after the company launched its new project Tarc Kailasa in New Delhi.
On Friday’s trade, At 12:25 p.m, TARC Ltd shares were trading at Rs 184.60 apiece, up 5.31 percent from the previous close price on the Bombay Stock Exchange, While the company has a market capitalization of Rs 5,402 crore.
As per the company’s exchange filing, the Company announced the launch of its ultra-luxury high-rise Residential Project Tarc Kailasa in New Delhi.
The company’s project has a total area size of 1.7 million square feet of development spread over a 6-acre land parcel, comprising 5 high-rise magnificent towers. The company has chosen Arabian Construction Company for its construction contractor.
Further, the company expects its new project Tarc Kailasa to have a revenue potential of over Rs 4,000 Crores.
The company’s revenues have declined by 29 percent year on year from Rs 41.67 crore in Q2FY23 to Rs 29.72 crore in Q2FY24, while net profit has significantly declined by 86 percent from Rs 8.17 crore to Rs 1.07 crore.
TARC shares have delivered a return of 188 percent in the last six months and 344 percent in a year. A shareholder investment of Rs 1 lakh in the company, would be worth Rs 2.88 lakhs in the last six months.
TARC Limited formerly known as Anant Raj Global Ltd, is a company engaged in the business in the real estate development and construction business in India. The company undertakes residential, hotels, branded and service apartments, warehouses, hospitality, commercial, and retail projects.
Written by Omkar Chitnis
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