Shares of TARC Ltd. rose 5% to Rs 216 on November 27 after the company announced the sale of 50% of its luxury project TARC Ishva for Rs 1,350 crore. This strong performance has helped the stock register a 55% gain year-to-date, far exceeding the 10% rise in Nifty 50. Earlier, the stock reached its 52-week high of Rs 275 on October 7, 2024.
TARC Ishva covers an area of 1.35 million square feet and is situated along Golf Course Extension Road in Sector 63A of Gurugram. A four-side open residence can be availed for breathtaking views of Aravalli Hills. The development covers different premium amenities to ensure comfortable living for affluent buyers, as stated.
Speaking about the success, Amar Sarin, Managing Director & CEO of TARC, said:
“The success of TARC Tripundra and TARC Kailasa reflects the trust our customers place in us. With TARC Ishva, we continue to deliver excellence, and we are grateful to our esteemed customers for their support.”
Earlier this month it has issued NCDs valued Rs 470 crore on account of a private placement, issuing the instruments which again expected to strengthen its financial stay on course.
Revenue at TARC tanked 85% YoY to Rs 5.02 crore during the September quarter. Net profit also declined more than sevenfold to Rs 67 crore, indicating that there was actually a need to improve on the business strategy.
While near-term financials are likely to remain under pressure, TARC is better positioned for longer-term growth driven by large deal closures and a focused high-end development portfolio.
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Source: Moneycontrol
News Desk
