This realty stocks zoomed over 7 per cent on November 28; heres why!

The stock has surged close to 69 per cent in the last 6 months as the stock continues to rally towards its 52-week high level of Rs 300.05.

On Monday, shares of Arvind Smartspaces rose over 8 per cent to make an intraday high of Rs 281.50, before ending 6.25 per cent higher at Rs 276.35 per share against its previous closing. The scrip witnessed a massive spurt in volume by more than 3.61 times  

The company announced that its 100 per cent wholly owned subsidiary – Arvind Homes, sold the entire first phase of its residential project, Arvind Greatlands in Bengaluru in just 10 hours. This first phase of the project comprised of 400 plots with a saleable area of 0.57 million square feet amounting to a booking value of Rs 200 crore.   

Recently, the company released its Q2FY23 results where the net consolidated income stood at Rs 51.62 crore showing a growth of 86.62 per cent from its previous year’s quarter. It reported a growth of 108.97 per cent in its net consolidated profit of Rs 4.89 crore from its corresponding quarter last year.   

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. To date, the company has completed 9 projects successfully.  During the quarter, the company acquired two new projects admeasuring 27 acres with a total estimated topline potential of Rs 400 crore.    

The stock has surged close to 69 per cent in the last 6 months as the stock continues to rally towards its 52-week high level of Rs 300.05.  

Keep a close eye on this real estate stock.