Ajmera Realty gains 3% as Quest Investment Advisors picks up 1.4% stake

On December 19, Fahrenheit Fun and Games sold 7 lakh shares in Ajmera Realty and Infra India at Rs 425 per share.

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Shares of Ajmera Realty & Infra India opened almost 3 percent higher on December 20 after Quest Investment Advisors, a portfolio manager, acquired a 1.4 percent stake in the real estate company. As of 9:20 am, the stock was trading at Rs 441. Over the past year, the stock has witnessed a gain of over 60 percent.

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On December 19, as per exchange data, Quest Investment Advisors bought 5,01,443 equity shares or 1.4 percent stake in Ajmera Realty and Infra India via open market transactions. However, Fahrenheit Fun and Games sold 7 lakh shares in the company at Rs 425 per share. As per September 2023 data, Fahrenheit held 7.05 percent stake or 25 lakh shares in the company.

Also read: Ajmera Realty & Infra India Q2 profit down 34% to Rs 22.53 crore

In Q2FY24, Ajmera Realty reported a 34 percent decline in net profit to Rs 23 crore from Rs 34 crore in Q2FY23. Revenue for the same period also decreased by 22 percent to Rs 145 crore. EBITDA for the reporting period was Rs 37 crore, a 33 percent decline from Rs 55 crore in the previous fiscal.  Despite the challenging earnings, the company is confident of continued growth. This comes at a time when the Real Estate Sector has been booming. In an conversation with CNBC-TV18 last month, Dhaval Ajmera, Director of Ajmera Realty said that they are confident that sales revenues will definitely reach the Rs 1,000 crore mark.

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