Oberoi Realty Shares Hit 52-Week High; Rally Nearly 9 Percent

Shares of Oberoi Realty on Thursday jumped nearly 9 per cent after the company posted a 64 per cent increase in consolidated net profit for the March quarter of 2024 and announced plans to raise up to Rs 4,000 crore through issuance of equity shares and non-convertible debentures. The stock climbed 8.70 per cent to Rs 1,712.30 -- its 52-week high, on the BSE.

At the NSE, it rallied 8.81 per cent to the one-year high of Rs 1,712.85 apiece. The stock climbed 3.52 per cent on the BSE on Wednesday. Oberoi Realty has posted 64 per cent increase in consolidated net profit at Rs 788.03 crore for the March quarter of 2023-24. Its net profit stood at Rs 480.29 crore in the year-ago period.

Total income rose to Rs 1,558.56 crore in the quarter, from Rs 995.11 crore in the year-ago period, according to a regulatory filing on Tuesday. During 2023-24, the company's net profit increased to Rs 1,926.60 crore, from Rs 1,904.54 crore in the preceding year. Total income rose to Rs 4,818.77 crore in the last fiscal, from Rs 4,293.20 crore in 2022-23.

The board has passed a resolution for issuance of non-convertible debentures up to an aggregate amount of Rs 2,000 crore by way of private placement, in one or more tranches. It also passed a resolution for issuance of equity shares or securities for an aggregate amount of up to Rs 2,000 crore by way of one or more qualified institutions placement, public and/or private offerings.

(PTI)