Ajmera Realty Shares Surge 10% To 15-Year High After Sales Jump In Q3
The company is experiencing an elevated demand for mid-segment and premium homes.
Shares of Ajmera Realty & Infra India Ltd. rose over 10% to the highest in over 15 years on Thursday after its sales area grew 63% to 1.04 lakh square feet in the third quarter.
Ajmera's sales value nearly doubled to Rs 253 crore in the December quarter compared to Rs 128 crore in the year-ago period on the back of sustained interest in its projects in Mumbai and Bengaluru. The collection jumped 30% to Rs 151 crore, according to an exchange filing.
The company is firmly on course to achieve its sales goal of Rs 1,000 crore for the current financial year, according to Director Dhaval Ajmera. "We are experiencing an elevated demand for mid-segment and premium homes, a market segment that aligns with our specific offerings."
On the NSE, Ajmera's stock rose as much as 10.12% during the day to Rs 521.15 apiece, the highest since June 4, 2008. It was trading 6.71% higher at Rs 505 apiece, compared to a 0.18% advance in the benchmark Nifty 50 at 11:35 a.m.
The share price has risen 64.22% in the last 12 months. The total traded volume so far in the day stood at 7.5 times its 30-day average. The relative strength index was at 76, indicating that it maybe overbought.