Penny Stock Under Re 1: Company Announces Completion of Land Registration for Commercial Project in Ahmedabad

Penny Stock Under Re 1: Company Announces Completion of Land Registration for Commercial Project in Ahmedabad

Kiran Shroff
/ Categories: Trending, Penny Stocks

This company has a market cap of Rs 49.05 crore where promoters own 16.62 per cent and the rest 83.38 per cent stake is owned by the public shareholders.

Maharashtra Corporation Ltd announced the company has successfully completed registered land plots in Naranpura, Ahmedabad, earmarked for our commercial project. This milestone follows full payment for the land, details of which were previously disclosed to the exchange. While the payment was made several months ago, technical hurdles delayed the registration process, which has now been resolved.  

Upon completion, the proposed commercial project is expected to span approximately 1,20,000 square feet. It will cater to a diverse clientele by offering retail showrooms, professional office spaces, hospitals, clinics and lifestyle establishments, in alignment with current market trends. The property enjoys a prime location in Ahmedabad, with a direct view of a 120-foot-wide road and proximity to the Sardar Vallabhai Patel Stadium. Ahmedabad’s real estate market is experiencing robust growth in both residential and commercial segments, driven by its strategic location and favourable business climate. The company is optimistic about the project’s success given the thriving Ahmedabad real estate market.

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About the Company

Maharashtra Corporation Limited is a publicly traded company incorporated in 1982. Initially focused on investing, trading and distributing textiles, agro commodities and other goods, the company has expanded its operations. In 2022, it secured shareholder approval to venture into real estate development, including purchasing properties, constructing residential, commercial and industrial spaces and subsequently selling or leasing them. This strategic shift positions the company for growth in the real estate sector while continuing its established trading activities.

On Friday, shares of Maharashtra Corporation Ltd ended the day at Re 0.79 per share, the same as its previous closing price with an intraday high of Re 0.81 and an intraday low of Re 0.78. This company has a market cap of Rs 49.05 crore where promoters own 16.62 per cent and the rest 83.38 per cent stake is owned by the public shareholders.

Disclaimer: The article is for informational purposes only and not investment advice. 

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