Small-cap stock: Defying weak market sentiment, Arkade Developers share price has seen healthy gains since its listing in September last year. On Tuesday, January 7, Arkade Developers share price jumped almost 6 per cent on the BSE, a day after it announced it added three redevelopment projects in Western Mumbai. The small-cap stock opened at ₹174.05 against its previous close of ₹172.85 and jumped 5.6 per cent to the level of ₹182.50. Around 1:55 PM, the stock traded 4.9 per cent up at ₹181.30.
Arkade Developers shares debuted on the BSE and the NSE on September 24 last year. At the current market price of ₹182.50, the small-cap stock has gained nearly 43 per cent against its issue price of ₹128.
On a monthly scale, the stock has been in the green since November even as the domestic market benchmarks, the Sensex and the Nifty 50, witnessed significant corrections due to stretched valuations, weak Q2 earnings, foreign capital outflow and rising US bond yields and dollar.
Arkade Developers share price hit its all-time high of ₹190 on September 24 and a 52-week low of ₹128.30 on November 21 last year.
Arkade Developers latest news
In an exchange filing on January 6, Arkade Developers said it had added three new redevelopment projects in key micro-markets within the Western Suburbs of Mumbai.
“Arkade will be developing 20,232 square meters across these redevelopment projects located in Andheri East, Malad West and Borivali West. The projected saleable carpet area is approximately 5.85 lakh square feet, generating a projected turnover of ₹2,150 crore,” said the company.
“We have a robust pipeline of over eight upcoming projects across MMR (Mumbai Metropolitan Region). We expect to witness a further uptick in societies partnering with us, owing to our exemplary delivery track record. Keeping the family first philosophy in mind, we focus on getting our residents and buyers possession on time,” said Amit Jain, Chairman and Managing Director of Arkade Developers.
Read all market-related news here
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
