08 Feb , 2022 By : Kanchan Joshi
Shares of DB Realty Ltd hit upper circuit level on the BSE in Tuesday's trading session by rising over 5% to Rs111 apiece in a weak market with benchmark Sensex down over 500 points. The stock has been in continuous rising trend, hitting upper circuit levels, after the Mumbai-based realty firm announced plans to raise Rs563 crore by issuing warrants to promoters and investors.
Just a day after it announced proposals to invest Rs400 crore and acquire around 10% stake in DB Realty and set up a joint redevelopment platform, Godrej Properties Ltd (GPL) on Friday said it has decided not to proceed with plans to invest equity capital in DB Realty after prolonged discussions and taking into consideration the feedback from the stakeholders and minority investors.
The multibagger stock has rallied over 77% in a month whereas it has surged over 364% in the last six months. From trading over Rs18 per share level in February 2021, the realty stock has skyrocketed more than 489% in a year's period. In 2022 so far, DB Realty shares are up over 126% (year-to-date or YTD).
Sumeet Bagadia of Choice Broking advised that investors should avoid fresh buy on the stock now as the counter has been moving circuit-to-circuit in recent sessions.
As per the recent BSE shareholding pattern, Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala holds 2.06% stake in DB Realty as of December 2021.
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