Arkade developers share:Real estate company Arcade Developers Limited, which was recently listed on the stock market, has released its June quarter results. Meanwhile, investors rushed to buy the company's stock on Friday. On the last trading day of the week, the stock rose 2.61% to Rs 163.30. During trading, the share price had reached Rs 172.70.

Profit increased fourfold

In the April-June quarter of the current financial year, the company's profit increased more than four times to Rs 30.21 crore. In the same quarter of the last financial year, the company's profit was Rs 6.57 crore. During the April-June period of the current financial year, the company's total income doubled to Rs 125.51 crore, which was Rs 62.01 crore in the same period of the last financial year. According to Amit Jain, Chairman and Managing Director (CMD) of Arcade Developers, the Indian real estate market, especially the luxury housing segment, has seen strong demand due to increasing urbanization and rising incomes.

IPO came last month

Let us tell you that Arcade Developers Limited raised Rs 410 crore through its initial public offering (IPO) last month. The stock was listed on BSE at Rs 175.90, up 37.42 percent from the issue price. Later it rose 48.43 percent to reach Rs 190. Finally, it closed at Rs 165.85, up 29.57 percent. At the same time, the stock opened at Rs 175 on NSE, which is a rise of 36.71 percent. Later the stock closed at Rs 165.45, up 29.25 percent.

Issue Price of IPO

Arcade Developers Limited had fixed an issue price of Rs 121-128 per share for its Rs 410 crore IPO. The company had then said that the proceeds from the IPO would be used for the development of the company's existing and upcoming projects, acquisition of future real estate projects and general corporate purposes.