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What is the story about?
Shares of Oberoi Realty Ltd. gained over 3% on Wednesday, June 24, after the Haryana Real Estate Regulatory Authority (HRERA) website suggested thath the company's 360 North Project in Gurugram has received approval.
It is Oberoi Realty's maiden project in the Gurugram market. Brokerages are also positive on the development.
BofA Securities has estimated the first phase of the Gurugram project to have gross development value of ₹2,500 crore to ₹3,000 crore. Meanwhile, Kotak Securities said the 2.6 million square feet project has the potential of ₹10,000 crore sales value.
Oberoi Realty reported a positive set of earnings in the March quarter across all key parameters.
Its net profit increased 62.4% to ₹703.3 crore from ₹433.2 crore in the previous year. Its revenue of 1,750 crore was 52.1% more than last year's ₹1,150 crore.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA) increased 55.4% to ₹960.3 crore from ₹618.1 crore in the fourth quarter of the previous fiscal. Its margins expanded to 54.9% from 53.7% in the year-ago period.
Shares of Oberoi Realty Ltd. were trading 3.2% up at ₹1,759 apiece at 1.40 pm on Wednesday. The stock is up 3.7% this year, so far.
Also Read: JK Cement shares rise on securing preferred bidder status for Rajasthan limestone block
It is Oberoi Realty's maiden project in the Gurugram market. Brokerages are also positive on the development.
BofA Securities has estimated the first phase of the Gurugram project to have gross development value of ₹2,500 crore to ₹3,000 crore. Meanwhile, Kotak Securities said the 2.6 million square feet project has the potential of ₹10,000 crore sales value.
Oberoi Realty reported a positive set of earnings in the March quarter across all key parameters.
Its net profit increased 62.4% to ₹703.3 crore from ₹433.2 crore in the previous year. Its revenue of 1,750 crore was 52.1% more than last year's ₹1,150 crore.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA) increased 55.4% to ₹960.3 crore from ₹618.1 crore in the fourth quarter of the previous fiscal. Its margins expanded to 54.9% from 53.7% in the year-ago period.
Shares of Oberoi Realty Ltd. were trading 3.2% up at ₹1,759 apiece at 1.40 pm on Wednesday. The stock is up 3.7% this year, so far.
Also Read: JK Cement shares rise on securing preferred bidder status for Rajasthan limestone block
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