Max Estates' shares jump 7% to new high, soar 27% in 2 sessions; here's why
Max Estates jumped over 7 percent in intra-day deals today, May 3 to hit a new high of ₹373.90 on NSE. This comes following an 18.4 percent surge in the previous session. In these 2 sessions, the stock has rallied over 27 percent.
Max Estates has seen a rise in its stock price following significant deal wins. The company, through its subsidiary Max Estates Gurgaon Two, secured an agreement for a residential development project in Gurugram with a gross development value of over ₹9,000 crore. This development will span 18.23 acres of land and include a 4 million square feet area for residential properties.
This notable deal strengthens Max Estates' position in the real estate market and is likely contributing to its recent stock price upswing. Read here: Nifty drops nearly 1%; why is Indian stock market volatile?- explained "Post closure of this transaction, the portfolio of Max Estates will grow by 50 percent from 8 to 12 million square feet of development potential, which is very well diversified in terms of asset classes (commercial office and residential), geographic footprint (Noida, Delhi and Gurugram) and risk spectrum (delivered and under construction)," said Rishi Raj, COO of Max Estates. The stock has risen 20.5 percent in 2024 so far. The over 27 percent rally in the 2 sessions of May comes after a 6.6 percent and 2.3 percent rise in April and March.
Meanwhile, it fell 7.5 percent in February and 5.9 percent in January this year. Read here: Dabur shares gain after Q4 results; Should you buy the stock? Earlier this week, the firm also announced a strategic investment of ₹388 crore from New York Life Insurance Company. According to the company's exchange filing, these funds will be allocated toward expansion in
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