Karda Constructions begin Destination One Mall building work; stock jumps 5 per cent

Nashik-based real estate developer, Karda Constructions, today jumped 5 per cent on the commencement of the construction work of ‘Destination One Mall’ building.

The company has commenced the building construction work of Destination One Mall in Nashik, against the work order, worth Rs 33 crore, awarded by Shree Sainath Land & Development (India).

The company as on the current date has total contract orders worth Rs 183.5 crore in hand, including the above-mentioned contract. The forward integration to contractual construction enables the company to mitigate the risk of dependency on the cyclical nature of the real estate business and also widens its reach with minimal capital requirements.

The company has come up with IPO in March 2018 to raise Rs 77 crore. The stock has delivered a significant return of 320 per cent on a YTD basis on BSE.

The company is majorly engaged in real estate development (residential projects as well as residential-cum-office space) and construction contracts. It is having a presence across all segments-low, medium, and premium segments.