This realty stock zoomed 70% in last seven days; trading in overbought zone

Shares of real estate major Omaxe Ltd zoomed 70% in the last seven sessions, emerging among the top gainers on both BSE and NSE. The stock, which closed at Rs 44.21 on September 20 ended at Rs 75.33 on Friday (previous trading session), gaining 70.39% during the period. The stock has ended in green since September 20.  

The realty stock climbed 54.18% or Rs 26.47 to close at Rs 75.33 on a weekly basis on BSE. Shares of Omaxe surged 55.12% or Rs 26.90 to end at Rs 75.70 on NSE.  

The rally in the stock came amid the real estate developer saying on September 26 that it acquired over 5 acre in Ludhiana through a competitive bidding process conducted by the Rail Land Development Authority (RLDA). The land was purchased at Rs 220 crore.  

RLDA land parcel is near Ghumar Mandi Fountain Chowk in Ludhiana in Punjab. The land would be used for both residential and commercial development, said Omaxe.  

In the previous session, shares of Omaxe ended 9.99% higher at Rs 75.33 on BSE.  

Total 1.43 lakh shares of the firm changed hands amounting to a turnover of Rs 1.05 crore on BSE. Market cap of the firm rose to Rs 1,377.79 crore on BSE. The stock hit its 52-week low of Rs 42.39 on August 29, 2023 and a 52 week high of Rs 106 on October 18, 2022.  

It has zoomed 3.33% this year and lost 17.40% in a year.   

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In terms of technicals, the relative strength index (RSI) of Omaxe stock stands at 86.1, signaling it's trading in the strongly overbought zone. Omaxe shares are trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. 

In the June quarter of the current fiscal, Omaxe logged a consolidated net loss of Rs 106.21 from Rs 50.20 crore in the corresponding quarter of last year.  

However, total income climbed 78.46% to Rs 220.85 crore in Q1 against Rs 123.75 crore in the year-ago quarter. 

Delhi-based Omaxe is one of the leading real estate developers in North India.  

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