Arihant Superstructures shares rise on additional land acquisition

The share touched a 52-week high of Rs 261.30 and a 52-week low of Rs 117.00 on September 22, 2022 and June 23, 2022, respectively.

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Arihant Superstructures share price rose in the early trade on June 20 after the company acquired additional land for a project. Arihant Superstructures has completed an outright purchase of additional 51 acres of land at Chowk, Navi Mumbai. With this, the company now has acquired a total of 76 acres of contiguous land for its new low-rise project comprising plotted development and constructed villas, the company said in its release.

The project will also be designed with a 200-room Hotel-Resort, which can be used for destination wedding ceremonies, corporate events, and as a convention center enabling the company to generate consistent revenues similar to a lease model.

Land allocation will also be done to design a Gymkhana Club, which shall generate membership revenues, company said.

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At 09:40 hrs Arihant Superstructures was quoting at Rs 181.15, up Rs 1.30, or 0.72 percent on the BSE.

The share touched a 52-week high of Rs 261.30 and a 52-week low of Rs 117.00 on September 22, 2022 and June 23, 2022, respectively.

Currently, it is trading 30.67 percent below its 52-week high and 54.83 percent above its 52-week low.

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