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Realty developer National Standard India Ltd.'s shares are locked in an upper circuit for 20 percent for the third straight day, extending its surge for the fourth session.

The stock is also gaining on higher volumes, with those rising almost 1.57 times its daily average.

Shares of National Standard have been hitting upper circuits ever since it announced its financial results on January 11. The stock has risen over 70 percent during the last three trading sessions.

The company, promoted by Mumbai-based Macrotech Developers (formerly Lodha Developers), announced a multifold jump in its revenue from operations for the December quarter at Rs 5.8 crore compared to Rs 2.62 lakh a year ago. Revenue from operations jumped fivefold compared to Rs 1.07 crore in the September quarter.

Other income stood at Rs 2.75 crore as against Rs 4.39 crore in the year-ago quarter. Other income included interest income on loans, fixed deposits, and miscellaneous income.

Profit after tax (PAT) stood at Rs 3.23 crore in the December quarter as against Rs 2.86 crore in the year-ago period and Rs 77 lakh in the September quarter.

Macrotech Developers reported a growth of 16 percent on a year-on-year basis in pre-sales at Rs 3,035 crore in the December quarter, marking its best quarterly performance. The leading real estate developer reported a Rs 753 crore drop in its net debt to Rs 8,042 crore in the December quarter.

Shares of National Standard India are trading 20 percent higher at Rs 6,852.70.

(Edited by : Rukmani Krishna)

First Published:Jan 16, 2023 11:50 AM IST