Hubtown surges as its arm enters into development management agreement with Gopani Realty
Hubtown is currently trading at Rs. 288.65, up by 5.85 points or 2.07% from its previous closing of Rs. 282.80 on the BSE.
The scrip opened at Rs. 274.00 and has touched a high and low of Rs. 288.80 and Rs. 274.00 respectively. So far 2288 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 342.15 on 30-Sep-2024 and a 52 week low of Rs. 77.60 on 28-Dec-2023.
Last one week high and low of the scrip stood at Rs. 294.75 and Rs. 274.00 respectively. The current market cap of the company is Rs. 3735.65 crore.
The promoters holding in the company stood at 28.81%, while Institutions and Non-Institutions held 6.75% and 64.44% respectively.
Hubtown’s subsidiary -- Rare Townships has entered into a Development Management Agreement with Gopani Realty LLP (GRL), for development of the Wing A-6 (India International Tower) of the Project ‘Rising City’ at Ghatkopar, Mumbai. The Development Management Agreement shall allow the company to ensure project is completed in faster. GRL shall be responsible for providing funding to complete the Wing in the Project in faster timeframe.
The Wings A1-A5 in the Rising City are being completed by the company on its own with funding from SBI Ventures (SWAMIH Fund), which was availed in April 2024. With this, the entire Phase - I (i.e. Building A1-A6) of the project Rising City has been financially closed and scheduled to be delivered starting from FY2026.
Hubtown engages in the development, sale, and lease of commercial, residential, retail, and industrial properties. Its project portfolio primarily comprises residential projects, commercial projects, special economic zones, SRAs, IT parks, biotech parks, robotic car parks, retail parks, and texti
