This company sold Rs 100 crore worth units within 7 hours of launch. Do you own it?
Previously, the company also informed the exchange that it has received highest ever quarterly bookings in Q3 FY 23
On Monday, shares of Arvind Smartspaces rallied more than 2.50 per cent to make an intraday high of Rs 259 apiece. The scrip soon witnessed some profit booking in its gains and was trading below its previous closing price of Rs 252.25 per share.
On March 27, 2023, the company informed the exchange that it sold entire launched inventory of 2nd phase of Arvind Greatlands within 7 hours of launch. It consisted of more than 150 units valued at more than Rs 100 crore. Arvind SmartSpaces entered the Bengaluru market in 2013 and has until now added 10 projects across the region, with 4 projects already being delivered and 6 in various stages of development.
Previously, the company also informed the exchange that it has received highest ever quarterly bookings in Q3 FY 23, which witnessed a growth of 58 per cent on YoY basis to Rs 250 crore. It recorded highest ever quarterly collection in Q3 FY23, increasing by 8 per cent on YoY basis to Rs 167 crore.
Arvind Smartspaces is the real estate arm of the Lalbhai Group, a 2-billion-dollar conglomerate. It is currently executing 9 projects through its own land, JVs and joint development model. During the quarter, the company added 7 acres to the Doddaballapur Road, project, for which the size increased to 34 acres with a topline of Rs 315 crore.
The stock has shown positive traction as it has surged more than 25 per cent in the past 1 year. Keep a close eye on this trending stock.