This Jhunjhunwala-backed realty stock jumped 11% today ahead of Q4 results

Shares of DB Realty Ltd rose sharply on Monday, snapping their four-day losing run. The stock soared 11.05 per cent to close at Rs 85.64 ahead of its fourth-quarter (Q4 FY23) results. "This is to inform you that a meeting of the Board of Directors of the company will be held on Tuesday, May 30, 2023, inter alia to consider and approve the audited standalone and consolidated financial results of the Company for the fourth quarter & year ended March 31, 2023," the company stated in an exchange filing.

Around 2.28 lakh shares changed hands today on BSE, which was more than five times compared to the two-week average volume of 45,000 shares. Turnover on the counter stood at Rs 1.93 crore, commanding a market capitalisation (m-cap) of Rs 3,015.85 crore.

At today's closing price of Rs 85.64, the stock has declined 38.59 per cent from its 52-week high of Rs 139.45, a level seen on September 23, 2022. That said, it has gained 64.38 per cent from its one-year low of Rs 52.10, hit on July 5 last year.

Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, owns a stake in the realty firm. At the end of the March 2023 quarter, Rekha Jhunjhunwala held 50 lakh shares or a 1.42 per cent stake in the company.

DB Realty's stock traded higher than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 58.81. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 10.45. It has a price-to-book (P/B) value of 0.84.

The scrip has a one-year beta of 1.12, indicating high volatility.

The firm is engaged in real estate development and construction. It is primarily in the business of real estate construction, development and other related activities. The company is focused on residential, commercial, retail and other projects, such as mass housing and cluster redevelopment. DB Realty's portfolio consists of over 100 million sq. ft of prime property. Most of the projects are based in and around Mumbai and are under various stages of planning and construction.

Meanwhile, Indian equity benchmarks extended their gains on Monday amid positive global cues. The domestic indices surged today, led by gains in banks, financials, metals and consumer stocks.

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