Shares of Suraj Estate Developers Ltd surged more than 4% on Thursday, 5 December, after the company’s subsidiary announced acquiring a vacant land parcel in Mahim, Mumbai.

Through its wholly-owned subsidiary Iconic Property Developers, the company paid Rs 101 crore for a 1,464-square-meter (~15,758 square-foot) plot of land at Senapati Bapat Marg, Mahim (W), Mumbai.

The new land parcel is next to a previously acquired land that the company is planning to use to develop a commercial building. The merger of these two properties will enable the company to develop a composite commercial building with larger floor plates. 

The company plans to develop a commercial building that will have an estimated carpet area of 1.03 lakh square feet and will have a gross development value of around Rs 525 crore.

The company’s Q2FY25 net profit increased by 88% to Rs 31.83 crore, YoY, and it plans to construct a commercial building with an estimated RERA carpet area of 1.03 lakh square feet and a gross development value (GDV) of about Rs 525 crore.

On 20 August 2024, the share reached a 52-week high of Rs 842.00, and on 27 March 2024, it reached a 52-week low of Rs 256.00. 

The stock is currently trading 163.01% above its 52-week low and 20.04% below its 52-week high.

At 11:16 pm, the shares of Suraj Estate were trading 1.03% higher at Rs 684.50 on NSE.

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