Omaxe surges as its arm signs pact with JSPL for supply of steel structure for Project 'Omaxe Chowk'

21 Jul 2020

Omaxe is currently trading at Rs. 73.05, up by 1.95 points or 2.74% from its previous closing of Rs. 71.10 on the BSE.

The scrip opened at Rs. 73.80 and has touched a high and low of Rs. 73.90 and Rs. 70.00 respectively. So far 27231 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 222.20 on 29-Jun-2020 and a 52 week low of Rs. 61.85 on 17-Jul-2020.

Last one week high and low of the scrip stood at Rs. 73.90 and Rs. 61.85 respectively. The current market cap of the company is Rs. 1300.42 crore.

The promoters holding in the company stood at 74.15%, while Institutions and Non-Institutions held 14.44% and 11.40% respectively.

Omaxe’s wholly owned subsidiary -- Omaxe Heritage has signed an agreement with Jindal Steel and Power (JSPL), reiterating its commitment to the early completion of prestigious project 'Omaxe Chowk' in Delhi. Omaxe is developing a multi-level parking-cum-commercial project at Chandni Chowk under PPP mod with North Ddhi Municipal Corporation (North DMC).

To ease the traffic and parking woes at Asia's largest wholesale and retail hub, North DMC allotted approximately 4.5 acres of land to Omaxe for providing parking for 2100+ cars. It has heen a long pending demand of local trade bodies. Omaxe is developing a 10 lakh sq, ft. project with 5 levels of parking and 3 levels of retail space. There is a dire need of parking in Chandni Chowk for the shop owners and lakhs of customers visiting this market daily from all over the country.

To fasten the completion of the project, Omaxe is using all modem technologies and has tied up with JSPL for supplying and erecting the building with modular steel structure. The building structure will be supplied by JSPL in knocked down form at the site. The structure can he erected at the site within 10 months from the starting date. JSPL will supply 7000-8000 metric tonne of structure steel to Omaxe.

Omaxe is an India-based company engaged in real estate and infrastructure businesses. The Company operates in two segments Real estate and Construction.

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