New Delhi: Mumbai-based Oberoi Realty has pipped Unitech to become the country’s second largest real estate company after DLF in terms of market capitalisation.
Oberoi Realty’s market cap now stands at Rs 7,372.12 crore, higher than Unitech’s Rs 7,149.92 crore.
While DLF has retained its position as the country’s most valued company with a market cap of Rs 39,444 crore, Unitech has lost its long-held second position to Oberoi Realty.
Ever since its listing in July 2007, DLF has been the country’s largest real estate firm in terms of market value, while Unitech has been the second largest.
However, a battering of stock price in recent months has eroded its market value significantly. The company’s share price has fallen to Rs 27.35 a piece, which is less than one third of its price at Rs 97.45 a year ago.
While Oberoi Realty has also lost some value since its listing on 20 October 2010, the fall has been much sharper for Unitech.
After raising Rs 1,028 crore through initial public offer (IPO), Oberoi Realty got listed on on Bombay Stock Exchange (BSE) at Rs 280. Its shares are at present trading at a price of Rs 224.60.
Unitech shares have fallen by nearly 72% in past one year, while the Oberoi Realty has lost about 20%.
The share price of market leader DLF has also fallen by about 40% in last one year.
DLF, Oberoi Realty and Unitech are followed by Godrej Properties (Rs 4,727 crore) and HDIL (Rs 4,158 crore) in terms of market capitalisation.
In terms of annual revenue, Unitech is ranked higher than Oberoi Realty. In the financial year ended 31 March, 2011, Unitech clocked a turnover of over Rs 3,000 crore, as against about Rs 1,000 crore of Oberoi Realty. DLF posted revenues of more than Rs 9,000 crore in that year.