Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit

Omaxe Shares Hit 10% Upper Circuit After Winning a Bid for Two Bus Terminals

These terminals would be constructed using the design, build, finance, operate and transfer model.

Omaxe’s share price surged by 10% and hit the upper circuit on 19 February after the company announced the consortium had won successful bids for developing two bus terminals.

The company, in its exchange filing, said that these terminals would be constructed using the design, build, finance, operate and transfer (DBFOT) model in a public-private partnership (PPP) framework.

The Uttar Pradesh State Road Transport Corporation (UPSRTC) announced on 16 February the selection of Omaxe as the successful bidder for the development of two bus terminals. The first terminal, spanning 20,170 square metres, would be situated in Amausi, Lucknow, whereas the second terminal will cover a larger area of 36,426 square metres and will be located in Ayodhya Dham.

The consortium included Omaxe Ltd., M/s Be Together Developers Pvt. Ltd. and M/s Radhika Buildwell Pvt. Ltd. The Letter of Intent (LoI) will be issued by UPSRTC to M/s Omaxe Ltd., the lead member of the consortium, in due course. The consortium will hold the exclusive rights, licence, and authority to build, manage, and maintain the Commercial Complex and Bus Terminal Commercial Assets for 90 years and the Bus Terminal Project Facilities for 35 years from the Appointed date.

The company’s financial report for the quarter ended December 2023 indicated a consolidated loss of Rs 71.77 crore. However, that’s an improvement from the previous year when the loss stood at Rs 109.11 crore. On the positive side, the total income from operations rose to Rs 601.90 crore in Q3FY24, more than double the income of Rs 253.81 crore reported in the immediate previous financial year.

At 11:58 am, the shares of Omaxe Ltd. were trading at Rs 111.35, 9.98% higher than its previous close on the National Stock Exchange (NSE).

Get Daily Prediction & Stocks Tips On Your Mobile