Oberoi Realty’s stock rose over 3% on October 21 after the company reported strong performance from its new Thane project, which saw gross bookings worth ₹1,348 crore within the first three days of launch. The Mumbai-based real estate developer also announced a 29% year-on-year increase in its consolidated net profit for the second quarter, reaching ₹589.44 crore compared to ₹456.76 crore during the same period last year.
Stock Performance and Market Reaction
The company’s shares opened with a gain of 2.51% and reached an intraday high of ₹2,004.6 per share on the National Stock Exchange, marking a 3.78% increase. This marks the stock’s third consecutive day of gains, with a 4.02% rise in the past two trading sessions.
Thane Project’s Strong Sales Drive
The sharp climb in the stock price was fuelled by the selling sentiments evoked by the Oberoi Garden City Thane project, which saw a gross booking value of ₹1,348 crore over the first three days. Set on a 75-acre plot, the project tries to redefine living luxury in the region. It will boast over 30 world-class amenities, including a five-star JW Marriott Hotel, a private membership club, and an Oberoi International School. It will have five residential towers in the first phase of development.
Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, said, “This development epitomizes our vision of delivering a holistic, luxurious living experience, and we believe this sets a new benchmark for luxury in Thane.”
Q2 Financial Performance
Besides the success of the Thane project, Oberoi Realty has said its total income rose during the quarter to July-September to ₹ 1,358.62 crore from ₹ 1,243.80 crore for the quarter ended September of last year, as per regulatory filing. The company commanded this growth on strong project launches and demand for luxury properties.
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Source: Moneycontrol
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