Marathon Nextgen builds up
Marathon Nextgen Realty is showing some super action today. With volumes jumping up over 3.25 times at 31,000 shares changing hands v/s less than 4500 shares over past two-week average, the stock price rose over 16% intra day to Rs.260.
The stock price has jumped up because the company announced that it has scheduled a Board meeting on 17th March to consider a proposal to buy back shares. And it also talk about a new project, amongst other things to be discussed at the met.
The company is currently working on many projects - 8 lakh square feet project in joint venture with Adani at Khatau Mill in Byculla, SRA projects at Bhandup, Mulund and in spite of that company is a debt free company.
Promoters currently hold 75% stake and it mostly remains debt free, with interest outgo of just Rs.28 lakh in current Q3 – a rarity for a realty company.