Ajmera Realty stocks climb after acquisition announcement

Stocks of Mumbai-based real estate developer Ajmera Realty and Infra India Ltd rose ~9% to Rs234.40 after the company acquired 5.5 acres of land at Electronic City-2 in Bengaluru. It is indicated that by developing this land, the company will generate close to Rs300cr within the next three years. Statutory approvals have been taken and the project will probably be launched next year, the reports said. Ajmera Realty & Infra India Ltd ended the day at Rs228.75, up Rs9.85, or 4.5%, from its previous close of Rs218.90 on the BSE. The scrip opened at Rs220.90 and touched a high and low of Rs234.35 and Rs220.40, respectively. A total of 3,14,739 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs776.66cr. Locals claim that the site is just only the 176 metres away from the residential area, which will create health issues in near future. Second, the Hindon Air Force Station is only at an aerial distance of 12 Km from the site while the dumping yard is permissible only after 20 km.