Bharat Agri Fert & Realty share price jumped nearly 13% after the company was granted a Commencement Certificate by Thane Municipal Corporation for the development of a residential project. Bharat Agri Fert & Realty shares opened at ₹122.95 apiece on BSE on Tuesday’s trading session.
The project is expected to provide an additional net income for the company of roughly ₹700-800 crore.
“We are pleased to announce that the company has received the Sanction of Development from Thane Municipal Corporation for the construction project ‘Shiv Sai Paradise’, Phase 11, Majiwada for G tower – Basement + Ground + 1st to 6th Parking Floor + 7th to 31st Floor of 2/3 BHK homes. Commencement Certificate received from Thane Municipal Corporation is hereby enclosed,” said the company in an exchange filing.
Given that the finished project will have 58 storeys overall, the company stated in an exchange filing that it intends to purchase additional FSI by paying TDR. Total permission for 31 floors was granted. The company had previously bought the land and had been making barely any progress on the project.
On the technical front, as per trendlyne data, the stock price rose 193.8% and outperformed its sector by 113.8% in the past year. The stock has gained 246.75% from 52-week low recorded on July 29,2022. The stock touched 52-week high on April 19, 2023.
The stock has been trading today at high volume of 186.5K with price gain of 6.72.
At 10:56 IST, shares of the company was trading over 5% higher at ₹125 apiece on BSE. The stock hit an intraday high of ₹135 and low of ₹122.95.
The company works in the fields of resort management, fertiliser production, and the planning and construction of residential and commercial complexes. The business’s categories include tourism, fertilisers, and construction.
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Updated: 20 Jun 2023, 11:03 AM IST