Nashik: Elara India Opportunities Fund Ltd. has picked up stake in BSE & NSE listed Karda Constructions Ltd. (KCL) (BSE: 541161; NSE: KARDA), a leading real estate developer.
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Elara India further increased its stake in real estate development company Karda Construction as it has consistently bought shares for the third consecutive session on August 20.
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Elara India Opportunities Fund bought additional 28 lakh equity shares at Rs 22.45 per share on the NSE, the bulk deals data showed.
Elara India had acquired 6.5 lakh equity shares at Rs 22.6 per share on August 18, and over 9.6 lakh equity shares at Rs 21.5 per share on August 17.
Recently the company had announced excellent results for the quarter ended 30 June 2021. Total income rose from Rs. 1776.95 lakhs (Q1FY21) to Rs. 2028.76 (Q1FY22), a Y-O-Y increase of ~14%. The profit after tax (PAT) saw massive growth, from Rs. 174.46 Lakhs (Q1FY21) to Rs. 614.24 (Q1FY22), an increase of 252%.
The company’s business activity falls within two business segment – Development of Real Estate Properties and Civil Contracting Business.
Karda Constructions Ltd is a First-Generation Construction Company in Maharashtra and Western India with a disciplined and professional approach. The Company is founded and promoted by Mr. Naresh Karda in the year 2007. Promoter has an experience of more than 25 years in the construction industry. The company has established a brand name as “Hari” for all its project. The Company has received an Award for the “Iconic Budget Home” by Times Realty Icons Award 2019, Navi Mumbai & Thane. The Company also received an Award for the “The Most Preferred Real Estate Company”, of Nashik at the event “My Maharashtra Awards-2019”.
The company has a strong project pipeline of Rs 1,185 crore of which 70% of the project will go live by 2025. The company has diversified revenue streams -civil contracts, joint development, government, and private contract. Karda construction has land reserves of 7 lakh square feet with access to prime locations across Nashik district and other territories.
The company had recommended the issuance of bonus shares in the ratio of 4:1, i.e. four equity shares for every one fully paid-up equity share of Rs.1 each, which has been approved by the shareholders in the recently concluded AGM.
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