Realty Stock Hits 5% Upper Circuit After Q3 Results: Do You Own?

With a market valuation of Rs 578.49 Cr, Hazoor Multi Projects is a small-cap business in the real estate industry. The stock opened today on the BSE at Rs 351.25 apiece and surged by 8.65% to end at a 5% upper circuit limit at Rs 381.60 apiece. The spike in stock price occurred following the release of the company's financial reports for the quarter that ended on December 31, 2023.

Hazoor Multi Projects' net profit dropped by 21.87% to Rs 10.29 crore in the quarter that ended in December 2023 from Rs 13.17 crore in the quarter that ended in December 2022. In the quarter that ended in December 2023, sales fell by 57.35% to Rs 80.63 crore from Rs 189.03 crore in the quarter that ended in December 2022.

For the nine months ended 31st December 2023 the company reported revenue from operations of Rs 355.28 Cr which was Rs 775.80 Cr in the same period of the previous fiscal. Its net expenses stood at Rs §43.30 Cr in 9MFY24 compared to Rs 714.95 Cr in 9MFY23. Its net profit reached Rs 28.41 Cr in the reporting period which was Rs 45.57 Cr in 9MFY23.

Hazoor Multi Projects recently notified exchanges that the issue of 35 lakh preferential shares of the firm has been approved by its board of directors. Following a cash consideration amount of Rs 62,30,00,000, these shares were distributed at a price of Rs 178 per equity share. With this allocation, the company's fully paid-up capital has grown to Rs 18,65,99,190, which is made up of 1,86,59,919 equity shares at a value of Rs 10.

Hazoor Multi Projects Limited is an Indian firm that operates in the real estate and infrastructure sectors. Hazoor Multi Projects is among the multibagger stocks of Dalal Street as the stock has gained 283.13% in 1 year and 189.97% in 6 months. On a YTD basis the scrip has gained 11.19% so far in 2024.