Hazoor Multi Projects shares hit record high, stuck in upper circuit for ninth session; here's why

Shares of Hazoor Multi Projects Ltd have risen 78% in the last nine sessions. The multibagger stock has been stuck in upper circuit for the ninth straight session. Hazoor Multi Projects stock, which closed at Rs 137.95 on November 23, 2023, hit a record high of Rs 245.60 on BSE today, delivering 78% returns during the period.

Shares of Hazoor Multi Projects were stuck in the upper circuit of 5% at Rs 245.60 in early deals in the current session. Hazoor Multi Projects shares opened 5% higher against the previous close of Rs 233.95 on BSE. Market cap of the firm climbed to Rs 372.32 crore. The stock has risen 207% in a year and zoomed 237% in 2023. Hazoor Multi Projects shares have a beta of 0.5, indicating very low volatility in a year.

Hazoor Multi Projects shares hit a 52-week low of Rs 66.42 on December 26, 2022.

In terms of technicals, the relative strength index (RSI) of the Hazoor Multi Projects stock stands at 89, signaling it's trading the overbought zone. Hazoor Multi Projects shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 150 day and 200 day averages.

The rally in the stock came after the firm received an order worth Rs 1129.81 crore on November 23. The order related to the rehabilitation and up-gradation of NH-66 (old NH-17) from Km.241/300 to Km. 281/300 (Arawali to Kante section) to four lanes in the State of Maharashtra under NHDP-IV on Hybrid Annuity mode in Ratnagiri district.

 The board of the firm cleared raising of Rs 97.90 crore via preferential issue of shares in a meeting held on December 6.

“To accelerate growth further and to augment the financial resources of the Company through raising of funds, aggregating amount of up to Rs. 97,90,00,000/-(Rupees Ninety SevenCrores and Ninety Lakhs Only), by way of creating, issuing and allotting up to 55,00,000 (Fifty Lakhs only) Equity Share having face value of Rs.10/-each, to the persons belonging to ‘Non-Promoter, Public Category’, as detailed in Annexure-l, on preferential basis, at an issue price higher than the floor price,” said the firm in a communication to bourses.

Hazoor Multi Projects Ltd. is an infrastructure and real estate firm. It engages in executing and developing elite scheme, including a multistorey residential tower in Pune; and exclusive bunglow scheme near Amby valley at Lonavala. The company was founded on December 1, 1992 and is headquartered in Mumbai.

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