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Ajmera Realty Surges 10 Per Cent to 52-Week High
Ajmera Realty Surges 10 Per Cent to 52-Week High: In a remarkable turn of events, Ajmera Realty and Infra India witnessed an impressive surge, with its shares soaring over 10% to reach a 52-week high of 521.15 on January 11. The bullish trend was spurred by the company’s outstanding performance in the October-December quarter, where it recorded a substantial increase in sales value.
Ajmera Realty: Stellar Q3 Performance
The company’s sales value witnessed an impressive 98% YoY growth, reaching Rs 253 crore in the third quarter. Additionally, collections grew by 30%, totaling Rs 151 crore. This outstanding performance can be attributed to the sustained interest in key projects such as Ajmera Manhattan and Ajmera Eden in Mumbai, as well as projects in Bengaluru, despite limited inventory.
Ajmera Realty Share Price
Ajmera Realty Surges 10 Per Cent to 52-Week High: The market responded swiftly to Ajmera Realty’s robust performance, causing the stock to hit a 52-week high. As of 11.05 am, the stock was trading at Rs 499.95 on the National Stock Exchange. Trading volumes also witnessed a significant uptick, with 5 lakh shares changing hands, notably higher than the one-month daily traded average of 3 lakh shares.
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Ajmera Realty & Infra India Ltd: Confidence in Future Performance
Dhaval Ajmera, Director of Ajmera Realty & Infra India, expressed confidence in the company’s ability to achieve its sales target of Rs 1,000 crore for the fiscal year 2023-24. In an exchange filing, he stated, “As we exit Q3 FY24, we are firmly on course to achieve our sales goal of Rs 1,000 crore for this fiscal.”
Ajmera Realty: Real Estate Sector Upswing
Ajmera attributed the recent upturn in the real estate sector to a record number of property registrations in Mumbai and the Mumbai Metropolitan Region (MMR). According to him, this surge is propelled by substantial infrastructure development projects, contributing to an upward trend in property prices.
The Director highlighted the growing demand for mid-segment and premium homes, a segment that aligns with Ajmera’s specific offerings. The company strategically acquired a residential redevelopment project in Versova, Mumbai, boasting a potential development area of around 90,700 sq ft and a gross development value of Rs 360 crore.
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Strategic Acquisition for Growth
The acquisition of the Versova project, with an expected sales value of Rs 360 crores, is seen as a significant move that strengthens Ajmera Realty’s portfolio and expands its market appeal. Dhaval Ajmera emphasized the anticipation of growing demand, especially with ongoing redevelopment projects and metro expansions. This strategic move underscores the company’s commitment to diversification and progress towards its ambitious 5x growth goal.
Conclusion: An Optimistic Outlook
Ajmera Realty’s impressive surge to a 52-week high, backed by stellar Q3 performance, reflects the optimism surrounding the company’s strategic approach and the positive momentum in the real estate sector. As the market continues to respond positively to the company’s growth trajectory, investors and industry observers are keenly watching Ajmera Realty’s journey and its role in shaping the future landscape of the real estate market.
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