This real estate company gained over 700 per cent in last one year; do you own it?

The company had a sales booking of 831 units, indicating a robust sales velocity. Interestingly, the company has achieved nearly 76 per cent of its FY21 sales in H1FY22

Arihant Superstructures Limited (ASL) is a real estate company with a predominant focus on the affordable housing segment in Navi Mumbai, Mumbai Metropolitan Region (MMR), and Jodhpur regions.  

The stock had hit a fresh 52-week on Tuesday as it touched a high of Rs 163.45 on NSE, which also happens to be the upper circuit limit for the stock. However, the stock cooled down from the day’s high and settled with gains of 7.77 per cent at Rs 160.15.   

The company has released an update on the operations for H1FY22. As of six months ended September 30, 2021, the company had a sales booking of 831 units, indicating a robust sales velocity. Interestingly, the company has achieved nearly 76 per cent of its FY21 sales in H1FY22. In the corresponding period last year (H1FY21), the company had achieved a sales booking figure of 321 units whereas, ASL ended FY21 at 1,097 units.  

Furthermore, the board of directors in its meeting held on September 5 has granted consent for raising funds for an aggregate amount of up to Rs 500 crore, subject to shareholders’ & regulatory approval along with any other approvals as may be required.