A small-cap IT stock has seen a significant 8 percent on Thursday surge following the successful execution of Memorandums of Understanding (MoUs) to develop real estate projects in Gurgaon. The company’s strategic move into the real estate sector has caught the market’s attention, driving up investor confidence and boosting its stock price.
Share Price Movement
In Thursday’s trading session, Dhani Services Ltd’s share price hit an intraday high of Rs.64.20 apiece, rising 8.15 percent from the previous close of Rs.59.36 apiece. The share has since retreated and is currently trading at Rs.61.31 per share. Over the past one year, the stock delivered over 64 percent returns.
What Happened
Dhani Services Ltd, through its wholly owned subsidiary, has signed a Memorandum of Understanding (MoU) with certain landowners for a 5.37-acre plot in Sector 104, Gurgaon, to develop real estate projects. These projects will be subject to registration with the Real Estate Regulatory Authority and other necessary regulatory approvals.
This MoU will expand the company’s ongoing 100 percent owned project, “Indiabulls Estate & Club,” in Sector 104, Gurgaon, increasing the total area from 24 acres to 29.37 acres. The total development across these 29.37 acres is expected to cover 70.8 lakh square feet, with projected revenue of approximately Rs. 12,065 crore, based on current selling prices in the project.
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Operations and Services
Dhani offers a range of services to enhance customer convenience, including an e-commerce platform with over 500,000 products, UPI payment transactions with cashback options, and stock trading through Dhani Stocks. Users can also pay bills and access healthcare services like doctor consultations and medicine ordering through the app.
The platform integrates features for a seamless experience, with nationwide delivery, ease of use for traders, and consolidated services like bill payments and healthcare consultations, making it a one-stop solution for various needs.
Future Projects
Dhani Services is planning several upcoming real estate developments across Haryana. In Sector 105, Gurgaon, the company aims to develop a mixed-use colony project spanning 6.5 acres, predominantly residential with some commercial space, projected to generate around Rs.3,220 crores in revenue.
In Sector 99, Gurgaon, a commercial project covering 2 acres with a saleable area of 5.44 lakh sq. ft. is expected to bring in Rs.1,100 crores. Additionally, a commercial development in Sector 99A, Gurgaon, spread across 3 acres, is anticipated to generate Rs.1,250 crores from approximately 6.19 lakh sq. ft. of space.
Financial Performance
Turning to the financials of Dhani Services Ltd, the company reported revenue from operations of Rs.94.91 crore in Q3 FY25, rising 9 percent from Rs.87.11 crore in Q3 FY24. Profit After Tax (PAT) rose significantly to Rs.5.22 crore, from net loss of Rs.89.46 crore in the same period.
Written by – Siddesh S Raskar
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