Ajmera Realty soars to 52-week high as sales value surges 52% in Jul-Sep

Shares of Ajmera Realty have surged 35 percent year-to-date.

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Shares of Ajmera Realty and Infra India soared over 14 percent to hit a 52-week high of Rs 425.75 on October 10 after the company posted a 52 percent surge in sales value during the July-September quarter.

The real estate company's sales value rose to Rs 252 crore in the September quarter, sharply higher than Rs 166 crore in the same quarter of the previous fiscal.

In terms of carpet area, the company sold 1.20 lakh sq ft, up 51 percent from 79,976 sq ft from the corresponding quarter last year.

At 11.19 am, shares of Ajmera Realty were trading 12.50 percent at Rs 419.70 on the National Stock Exchange.

Volumes in the counter also shot up as 11 lakh shares changed hands on the exchanges so far, significantly higher than the one-month daily traded average of 81,000 shares.

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The stellar business update also ushered hopes among investors of a strong quarterly show from the realty major in its July-September earnings announcement, fueling gains in the counter.

Not just Ajmera, but a slew of real estate companies like Puravankara, Phoenix Mills and Prestige Estates have recently released robust quarterly updates which have aided sentiment for the entire sector. Accordingly, all constituents of the Nifty Realty index traded in the green, up 1-15 percent. Buoyed by gains across realty stocks, the Nifty Realty index also jumped 4.5 percent to a 15-year high of 610.85 points.

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