Recently listed real estate company Arcade Developers Limited has released its June quarter results. Meanwhile, investors fell on the company’s shares on Friday. The stock rose 2.61% to Rs 163.30 on the last trading day of the week. During trading the share price had reached Rs 172.70.
Profit increased four times
In the April-June quarter of the current financial year, the company’s profit increased more than four times to Rs 30.21 crore. The company’s profit in the same quarter of the last financial year was Rs 6.57 crore. The company’s total income doubled to Rs 125.51 crore during the April-June period of the current financial year from Rs 62.01 crore in the corresponding period of the last financial year. According to Amit Jain, Chairman and Managing Director (CMD), Arcade Developers, the Indian real estate market, especially the luxury housing segment, has witnessed strong demand due to increasing urbanization and rising incomes.
IPO came last month
Let us tell you that Arcade Developers Limited had raised Rs 410 crore through its initial public offering (IPO) last month. The share was listed at Rs 175.90 on BSE, up 37.42 per cent from the issue price. Later it increased by 48.43 percent to reach Rs 190. Finally closed at Rs 165.85 with a rise of 29.57 percent. At the same time, the share started at Rs 175 on NSE, which is a gain of 36.71 percent. Later the share closed at Rs 165.45, up 29.25 per cent.
Issue price of IPO
Arcade Developers Ltd had set the issue price of Rs 121-128 per share for its Rs 410 crore IPO. The company had then said that the proceeds from the IPO will be used for the development of the company’s existing and upcoming projects, acquisition of future real estate projects and for general corporate purposes.
