Max Estates Ltd.'s shares rose to their highest level on Friday as the company secured a housing residential development project in Gurugram. The real-estate unit of Max Group executed a binding agreement for potential group housing development on 18.2 acres of land. The project has a gross development value of Rs 9,000 crore, according to an exchange filing.
This project could aid Max Estates cement its position on 36 A Dwarka Express, which has emerged as a luxury residential destination, the exchange filing said.
Shares of Max Estates rose as much as 7.64% to an all-time high on the NSE. It was trading 5.63% higher as compared to 0.22% decline in the benchmark Nifty 50 at 11:06 a.m.
The stock has gained 18.72% on a year-to-date basis. The total traded volume so far in the day stood at 25 times its 30-day average. The relative strength index was at 82.73, implying that the stock maybe overbought.
An analyst tracking the company maintains a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 6.8%.
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