Shares of a small-cap company, named Dhani Services Ltd, rose sharply on Tuesday after sharing updates about its two real estate projects. In a BSE filing, the firm said, it has submitted building plans to the Directorate of Town and Country Planning (DTCP) for approval of 60 lakh sq ft of residential development saleable area in Sector 104, Gurugram, located on 8-lane Dwarka Expressway, through its wholly-owned subsidiaries. It also mentioned the project is proposed to be launched in July 2024.
In addition, the company said it has submitted building plans for development of a saleable area of 2.6 lakh sq ft of office space in Worli, Mumbai. This project is expected to be launched in August 2024, it added.
The stock today surged 11.48 per cent to hit an intraday high of Rs 40.29. It eventually settled 6.95 per cent higher at Rs 38.65. At this price, the scrip has slipped 21.33 per cent from its one-year high price of Rs 49.13, a level seen on August 8 last year. That said, it has gained 63.63 per cent compared to its 52-week low price of Rs 23.62, hit on March 28 last year.
On technical setup, an analyst said the stock looked 'bearish' in nature with resistance around Rs 40 level. Support could be seen at Rs 35, followed by Rs 33.9 level.
AR Ramachandran from Tips2trades said, "Dhani Services stock price looks bearish on the daily charts with strong resistance above Rs 40 level. A daily close below support of Rs 33.9 could lead to a downward target of Rs 29.5 in the near term."
Ravi Singh, SVP - Retail Research, said, "The stock may see Rs 42 level in the near term. Keep a strict stop loss placed at Rs 35."
The counter traded higher than the 5-day, 10-day and 20-day simple moving averages (SMAs) but lower than the 30-day, 50-, 100-, 150-day and 200-day SMAs. The stock's 14-day relative strength index (RSI) came at 50.56. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a negative price-to-equity (P/E) ratio of 372.69 against a price-to-book (P/B) value of 1.34. Earnings per share (EPS) stood at (-)0.10 with a same return on equity of (-)0.10.
The scrip saw heavy trading volume today as around 5.63 lakh shares changed hands on BSE. The figure was higher than the two-week average volume of 4.44 lakh shares.
Turnover on the counter came at Rs 2.10 crore, commanding a market capitalisation (m-cap) of Rs 2,331.50 crore.
As of December 2023, promoters held a 31.25 per cent stake in the company.