Max India Share Price Jumps 16% After Partial OC Unlocks ₹150 Crore in Receivables

Max India share price jumped over 16% in intraday trade on May 27 after a key development in its Noida senior living project.

The stock touched an intraday high of ₹177.15 on the BSE. Around 1:06 PM, the stock was still trading nearly 14.4% higher at ₹174.70 per share.

Partial Occupancy Certificate Received

The rally came after Contend Builders Private Limited, a joint venture company of Antara Senior Living and a subsidiary of Max India, received a partial occupancy certificate (OC) for its senior living project in Sector 150, Noida.

The approval covers 3 towers and 340 units under Phase I of the project.

₹150 Crore Receivables Unlocked

With the partial OC in place, around 340 senior families are expected to receive possession of their homes soon.

The approval also unlocks nearly ₹150 crore in receivables that were linked to the handover of units.

Company Expects Possession Process Soon

Rajit Mehta, Managing Director and CEO of Antara Senior Care, said the company welcomes the move by Noida authorities and expects the possession process to begin shortly.

He added that the company is reviewing the conditions mentioned in the occupancy certificate before starting handovers.

Details Of The Noida Project

The Antara Noida Sector 150 project is spread across nearly 12 lakh square feet.

• Phase I covers around 7.45 lakh square feet with expected revenue of about ₹550 crore
• Phase II spans around 4.55 lakh square feet and is expected to generate nearly ₹800 crore 

The company said it will now focus on getting approvals renewed for Phase II.

Background Of The Delay

The project had faced delays due to a sector-wide requirement linked to shared sports infrastructure in Sector 150, Noida.

According to the company, it had already completed its share of obligations and payments related to the facilities. To speed up the process, the company approached the Noida Authority and courts, including the Supreme Court, seeking approval for the occupancy certificate.

The partial OC was granted after authorities accepted the company’s compliance.

About The Project

Antara Noida Sector 150 is a senior living community designed for elderly residents. The project offers senior-friendly homes along with wellness facilities, medical support, and emergency care services.

Read more: HDFC Bank Share Price Under Scanner Over Company's Alleged ₹45 Crore MSRDC Payment: Reports.

Max India Share Price Movement

Max India share price (NSE: MAXIND ) surged nearly 15% on May 27, following positive developments in its Noida senior living project. The stock was trading at ₹174.21 on the NSE around 2:21 PM IST, up ₹22.35 or 14.72% for the day.

The stock opened at ₹151.86 and touched an intraday high of ₹177, while the day’s low stood at ₹151.17. Max India currently has a market capitalisation of around ₹916.73 crore. The stock remains below its 52-week high of ₹241.57 but has recovered significantly from its 52-week low of ₹120. The company does not currently have a listed P/E ratio or dividend payout.

Conclusion

The partial occupancy certificate is a major positive development for Max India and its Antara senior living business. Apart from unlocking ₹150 crore in receivables, the move is expected to speed up home possession and improve investor confidence in the project.

For daily market updates and regular stock market news in Hindi, stay tuned to Angel One's share market news in Hindi.

Disclaimer:This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.