The shares of this real estate company gained up to 5 percent after the company promoter bought a 68,329 stake which is 0.014 percent of the company in the open market.
With a market capitalization of Rs 947.57 Crores. Radhe Developers (India) Ltd, On Tuesday, The shares were trading at Rs 4.64 a share, an increase of 4.98 percent from the previous closing price.
The exchange filing states that the board of directors of Radhe Developers (India) Ltd approved the significant acquisition of 68,329 Shares or 0.014 percent of the company. Following this acquisition, the promoter now owns a total of 13,96,96,113 shares or 27.739 percent of the company.
During its board meeting on July 18, 2022, the board divided the bonus shares into shares with a face value of Rs. 1 each and allocated the shares at a 1:1 ratio. As a result, there were 50,35,986,000 shares instead of 2,51,79,900. Rs 25,17,99,000 have been allocated as paid-up capital towards the Bonus issue. The funds were taken from the Securities Premium account, General Reserve, and the accumulation of Profit and Loss account.
Looking into the company’s performance, Radhe Developers (India) Ltd’s revenue decreased by 67 percent from Rs 43.6 Crore in FY2021-22 to Rs 14.34 Crore in FY2022-23. During the same period, net profit decreased by 97 from Rs 25.23 crore to Rs 0.71 Crore.
By 2030, the Indian real estate market is predicted to be worth USD 1 trillion. It will add 13% to the GDP of the nation by 2025. Rising household income, fast urbanization, and the emergence of nuclear families are likely to continue to be the main forces behind real estate growth across all segments, including retail, commercial, and residential.
The company creates residential, commercial, plotting, and social infrastructure projects in the real estate development space.
Investment in penny stocks carries inherent risks and should be done with caution because their financials do not accurately reflect their true situation. This article does not offer any financial recommendations.
Written by: Abhishek Singh
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