Equinox India Developments Stock Price: Shares of real estate company Equinox India Developments rose by 20 percent on January 7 and hit the upper circuit at Rs 143.70. The National Company Law Appellate Tribunal (NCLAT) has approved its merger with Embassy Group. The old name of Equinox India Developments was Indiabulls Real Estate Limited. The deal between the two companies was first announced in August 2020. The Competition Commission of India (CCI) had given approval for this in February 2021. Subsequently, the Bengaluru bench of the National Company Law Tribunal (NCLT) also approved it.
The first hurdle in the deal came in March 2023, when the Chandigarh bench of NCLT blocked the merger citing concerns raised by the Income Tax Department. In response, the company then known as Indiabulls Real Estate had decided to challenge the NCLT Chandigarh order in the NCLAT. The matter has since been debated at length and now the NCLAT has allowed the merger to proceed.
Equinox India Developments shares up 47% in one year
The market cap of the company has reached Rs 9100 crore. The stock had created a 52-week high of Rs 164.40 on June 24, 2024 and a 52-week low of Rs 92.70 on January 18, 2024 on BSE. The stock has gained 47 percent in a year and 24 percent in just one week. The lower price band for the stock is Rs 95.80 with 20 per cent circuit limit. The entire stake in the company is held by public shareholders.
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Q3 results will be revealed on January 10
Equinox India Developments will release financial results for the October-December 2024 quarter after its board meeting on January 10. According to data available on BSE, the company’s standalone revenue in the July-September 2024 quarter stood at Rs 5.59 crore. Meanwhile, the company recorded a loss of Rs 11.04 crore. Standalone revenue in the FY24 quarter was Rs 41.97 crore and loss was Rs 3,580.23 crore.