Multibagger penny stock under Rs 10: This civil construction company bags new order worth Rs 342.27 crore from GIFT Authority
The stock gave multibagger returns of 147 per cent in just 1 year whereas BSE Sensex Index is up by 21 per cent.
Nila Spaces Limited (NSL), a leading real estate developer, has secured a major residential building development project at GIFT SEZ. This marks NSL's second significant venture in GIFT City, following the successful completion of the VIDA project. The new development will encompass a minimum of 522,000 square feet of built-up space and is valued at Rs 342.27 crore. NSL won the project with a bid of Rs 6,557 per square foot of development rights.
NSL's Commitment to Sustainable Development
This project signifies NSL's dedication to shaping the future of urban living spaces. Strategically located within GIFT SEZ, the project will provide residents with modern amenities while adhering to sustainable practices. NSL is known for its commitment to innovation and sustainability, evident in its previous project, VIDA. VIDA achieved carbon neutrality and secured a Platinum pre-certification from the Indian Green Building Council (IGBC). This new development is expected to uphold the same high standards, establishing NSL as a sustainable real estate development leader and contributing to GIFT City's vision for sustainable growth.
Nila Urban Living Private Limited: A New Subsidiary
Nila Spaces Limited has also incorporated a new subsidiary, Nila Urban Living Private Limited (NULPL). NULPL is a real estate development company with an authorized capital of Rs1,00,000 and a paid-up capital of Rs 1,00,000. The company was incorporated on July 23, 2024, and is expected to execute the new GIFT City project. NSL will hold 90 per cent of the share capital of NULPL, comprising 90,000 equity shares of Rs 10 each. The acquisition was done at arm's length and did not require any regulatory approvals.
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About the Company
Nila Spaces Ltd, established in 2000, is a real estate development company based in Ahmedabad, India, and is part of the Sambhaav Group, which focuses on construction and development. Formed through a demerger from Nila Infrastructures Ltd, Nila Spaces Ltd undertakes various projects for government and semi-government entities, including turnkey civic urban infrastructure developments. They are also developing prime real estate with large land reserves in and around Ahmedabad, and accomplish their diverse businesses through subsidiaries, associates, and joint ventures.
On Wednesday, the shares of Nila Spaces Ltd were locked in a 2 per cent upper circuit to Rs 8.42 per share from its previous closing of Rs 8.26. The stock’s 52-week high is Rs 11.15 and its 52-week low is Rs 2.89. The stock gave multibagger returns of 147 per cent in just 1 year whereas BSE Sensex Index is up by 21 per cent. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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