Ajmera Realty Shares Rise After Incorporating Subsidiary For Redevelopment Projects

Shares of Ajmera Realty and Infra India Ltd. jumped the highest in nearly two years on Thursday after it incorporated a wholly owned subsidiary called New Horizon Acres Private Ltd.

The subsidiary was created on Wednesday, after approval from the ministry of corporate affairs, for the purpose of carrying out real estate development and redevelopment projects.

Ajmera Realty owns 10,000 equity shares, comprising 100% of New Horizon Acres Private Ltd.

Shares of Ajmera Realty rose as much as 7.87% intraday, the highest level since Feb. 3, 2022. They pared gains to trade 5.08% higher at 11:09 a.m., compared to a 0.60% advance in the NSE Nifty 50.

The stock has risen 47% in the last 12 months. Total traded volume so far in the day stood at 6.3 times its 30-day average. The relative strength index was at 65.88.