Eraaya Lifespaces Share Price Soars 6000% in a Year, Hits 52-Week High as FIIs Snap Up Over 32 Lakh Shares via QIP”; Multibagger

In just over a year, Eraaya Lifespaces’ share price has skyrocketed by 6,000%, reaching new record levels since September 2023. Today, the share price surged by 5%, hitting a 52-week high of ₹840.50, with an intraday low of ₹799 on the BSE. Since its listing on July 30, 2020, the share price has increased by an astonishing 10,454.0%.

Vaibhav Kaushik, a Research Analyst at GCL Broking, noted that Eraaya Lifespaces has delivered exceptional returns since its listing. However, he pointed out that the stock is now facing strong resistance around the ₹870 level, and unless it breaks this barrier, it could potentially fall to around ₹670.

The stock is buzzing today, hitting the 5% upper circuit, following the approval of a qualified institutional placement (QIP) closure on August 13. The board approved the issue price of ₹762 per share, and 32,61,200 equity shares were allocated to qualified institutional buyers. A detailed list of the recipients will be released separately.

In an exchange filing, Eraaya announced that it had submitted a successful bid to purchase 100% of Ebix Inc.’s equity in June 2024. This bid, valued at approximately USD 361 million (₹3,009 crores), was the highest offer in an auction process overseen by the US Bankruptcy Court.

In Q4FY24, the company reported net sales of ₹2 crore, with a net profit of ₹0.95 crore, a significant increase from ₹0.05 crore in Q4FY23. For the full fiscal year FY24, net profit rose by 341.6% to ₹0.34 crore, while net sales soared by 1,52,311% to ₹297.20 crore.

Eraaya Lifespaces is a leading lifestyle and hospitality company dedicated to creating unique and immersive experiences. The company blends luxury, comfort, and design to offer distinctive getaways in popular locations, celebrating India’s rich cultural heritage.