Jhunjhunwala-backed DB Realty shares surged 10% to hit one-year high level; details here

Shares of DB Realty Ltd on Friday rose sharply to scale their one-year high level. The stock soared 10 per cent to close at its upper price band of Rs 222.70. The scrip saw heavy trading volumes today as 4.41 lakh shares changed hands today on BSE. The figure was way more than the two-week average-volume of 2.70 lakh. Turnover on the counter came at Rs 9.63 crore, commanding a market capitalisation (m-cap) of Rs 8,890.44 crore. There were 3,65,037 buy orders today against sell orders of nil shares.

At today's closing price of Rs 222.70, the stock has zoomed 304.54 per cent from its 52-week low price of Rs 55.05, a level seen on February 27 last year.

Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, owns a stake in the realty firm. At the end of September 2023 quarter, she held 1 crore shares or a 1.99 per cent stake in the company.

DB Realty's stock traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The scrip's 14-day relative strength index (RSI) came at 70.06. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 14.48 against a price-to-book (P/B) value of 2.15. The scrip has a one-year beta of 1.1, indicating high volatility.

The firm is engaged in real estate development and construction. It is primarily in the business of real estate construction, development and other related activities. The company is focused on residential, commercial, retail and other projects, such as mass housing and cluster redevelopment.

DB Realty's portfolio consists of over 100 million sq. ft of prime property. Most of the projects are based in and around Mumbai and are under various stages of planning and construction.

Meanwhile, Indian equity benchmarks touched their record high levels today, led by gains in technology, state-owned lenders and energy stocks.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

 

 

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