Oberoi Realty Ltd. shares hit all time high on Monday after it acquired a 14.8-acre land parcel valued at Rs 597 crore in Gurugram and announced its entry into the National Capital Region of Delhi real estate market.
The Mumbai-based real estate developer entered into a sale agreement with Ireo Residences Co. and others for the acquisition of 59,956.20 square metres of land in Sector 57, Gurugram, Haryana, according to an exchange filing.
The company plans to develop luxury residential group housing project on the acquired land. "The company's entitlement from the project at full potential is presently estimated to be up to around 2.6 million square feet of FAR as per the extant rules, regulations and policies," Oberoi Realty said in the filing.
Shares of Oberoi Realty rose as much as 4.94%, before paring gains to trade 2.44% higher at 10:52 a.m. This compares to a 0.07% advance in the NSE Nifty 50.
The stock has risen 57.98% on a year-to-date basis. Total traded volume so far in the day stood at 8.7 times its 30-day average. The relative strength index was at 77.
Of the 25 analysts tracking the company, 11 maintain a 'buy' rating, nine recommend a 'hold,' and five suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 54.7%.
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