Shares of Lodha Developers Ltd. have opened with strong gains on Friday, reaching an intraday high of Rs 1,218 apiece on the back of a mega Rs 30,000-crore Memorandum of Understanding (MoU) with the Maharashtra government.
The stock is currently trading at Rs 1,192, which compares to yesterday's closing price of Rs 1,181. On a year-to-date period, though, the stock has fallen 13%, and over the past 12 months, the shares have largely remained flat.
Lodha's rally in Friday's trade comes after the company, in an exchange filing on Thursday, confirmed an MoU with the Maharashtra government for a green integrated data centre park in Mumbai.
The investment amount of the proposed deal stands at around Rs 30,000 crore and will create 6,000 direct and indirect jobs, the company confirmed. The investment will come from Lodha and other data centre players, the statement added.
Moreover, the park will have a planned capacity of 2 GWs and it is designed to host multiple leading international as well as domestic players.
This development has been on the backburner for the Maharashtra government for quite some time now and comes a year after the government approved the green integrated data centre park in the Mumbai Metropolitan Region.
In 2019, the government declared the integrated data centres as a 'thrust area' for industrial growth in the state.
Lodha shares are currently trading with a relative strength index of 32.26, which suggests the stock is near an oversold territory and could be poised for a bounce-back.
15 out of 18 analysts tracking the company have a 'buy' rating on the stock, two recommend a 'hold' while one recommends 'sell', according to Bloomberg data. The 12-month analysts' consensus target price implies an upside of 27.3%.
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