Ajay Upadhyaya bought 25,00,000 shares of this LIC-backed multibagger stock: This construction company receives new orders worth Rs 385 crore from UPSRTC
The stock gave multibagger returns of 160 per cent from its 52-week low of Rs 42.39 per share.
Today, one of the Top Gainers on BSE, shares of Omaxe Ltd was locked in 10 per cent upper circuit to Rs 110.40 per share from its previous closing of Rs 100.4 per share. The stock’s 52-week high is Rs 117 and its 52-week low is Rs 42.39 per share.
Omaxe Ltd.’s stock price soared due to winning the bid for developing two bus terminals in Uttar Pradesh through a public-private partnership. The company, as the lead consortium member, will design, build, finance, operate, and eventually transfer the terminals located in Amausi, Lucknow and Ayodhya Dham. This announcement marks Omaxe's participation in its ordinary course of business and signifies a future contract with the Uttar Pradesh State Road Transport Corporation.
Omaxe ltd. is in the business of developing real estate properties for residential, commercial and retail purposes with a presence across 27 cities in 8 states of India. It has undertaken various projects in the areas of contractual construction, township development, building of commercial complexes, multi-storied apartments, etc.
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The company’s product portfolio consists of residential projects, integrated and hi-tech townships, office and commercial projects including malls, and others. It also provides construction contracting services. At the end of FY 2022-23, since inception, Omaxe had approximately delivered 132 Mn. Sq. Ft. (12.26 Mn. Sq. Mtr) of developed areas across various project categories. During FY22, it delivered 2.75 million square feet. These deliveries encompassed projects located in various cities such as Chandigarh, Lucknow, Faridabad, Ludhiana, and Vrindavan.
An ace investor, Ajay Upadhyaya bought 25,00,000 shares or a 1.37 per cent stake in the company in December 2023 and LIC owned a 2.29 per cent stake in the company in the same period. The stock gave multibagger returns of 160 per cent from its 52-week low of Rs 42.39 per share. Investors should keep an eye on this small-cap construction stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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