Oberoi Realty's stock price surged over 9% in the intraday session

Oberoi Realty saw a significant share price increase after announcing a 64% rise in net profit and plans to raise up to Rs 4,000 crore. The stock surged by 9% on the BSE and NSE, reaching its 52-week high. The company's net profit for Q4 FY24 reached Rs 788 crore, while total income rose to Rs 1,558 crore. Oberoi Realty plans to issue non-convertible debentures for Rs 2,000 crore and equity shares or securities for another Rs 2,000 crore to fund its operations.

Shares of Oberoi Realty on Thursday jumped more than 9 per cent after the company posted a 64 per cent rise in consolidated net profit for the March 2024 quarter and announced plans to raise up to Rs 4,000 crore through issuance of equity shares and non-convertible debentures.

The stock climbed 8.77 per cent to settle at Rs 1,713.30 apiece on the BSE. During the day, it zoomed 9.83 per cent to Rs 1,730 -- its 52-week high.

On the NSE, it rallied 9.32 per cent to Rs 1,721. During the day, it jumped 9.77 per cent the one-year high of Rs 1,727.95 per piece.

The stock climbed 3.52 per cent on the BSE on Wednesday.

Oberoi Realty has posted a 64 per cent increase in consolidated net profit at Rs 788.03 crore for the March quarter of 2023-24.

Its net profit stood at Rs 480.29 crore in the year-ago period.

Total income rose to Rs 1,558.56 crore in the quarter, from Rs 995.11 crore in the year-ago period, according to a regulatory filing on Tuesday.

During 2023-24, the company's net profit increased to Rs 1,926.60 crore as against Rs 1,904.54 crore in the preceding year.

Total income climbed to Rs 4,818.77 crore in the last fiscal over Rs 4,293.20 crore in 2022-23.

The board has passed a resolution for issuance of non-convertible debentures up to an aggregate amount of Rs 2,000 crore by way of private placement, in one or more tranches.

It also passed a resolution for issuance of equity shares or securities for an aggregate amount of up to Rs 2,000 crore by way of one or more qualified institutions placement, public and/or private offerings.