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The stock of real estate company Hazoor Multi Projects Ltd. (HMPL) is trading higher by more than 2 per cent today amid Wednesdays rally in the stock market. This surge in shares is driven by significant information the company released after the stock market closed on Tuesday. In fact the company had informed in its latest exchange filing that it has converted its existing investment in its wholly-owned subsidiary Square Port Shipyard Private Limited (SPSPL) from Optionally Convertible Debentures (OCDs) into equity shares. This conversion has been done as per the terms of the debentures under which 2 crore 50 lakh equity shares (at a price of ₹10 per share) have been allotted to the company. Even after this conversion Square Port Shipyard Private Limited will continue to be a 100% subsidiary of the Company and there will be no change in its ownership control or management. Square Port Shipyard Private Limited was incorporated on November 29 2022 and is engaged in the construction repair and related activities of ships and various types of vessels. In the financial year 2024-25 the company had a turnover of ₹68.95 crore and a net profit of ₹17.98 crore. This investment is part of the companys long-term strategy and is expected to be completed by February 2026. The companys stock was trading at Rs 30.86 up 1.58% or Rs 0.48 on the BSE at 10:47 am. In the September quarter the companys sales fell 33.30% to ₹102.11 crore compared to ₹153.08 crore in the same quarter last year. The company reported a net loss of ₹9.93 crore compared to a net profit of ₹11.02 crore in the same quarter last year. The companys operating profit margin (OPM) fell to -3.86% from 11.86% in Q2. PBDT fell from a profit of ₹16.37 crore to a loss of ₹9.65 crore while PBT also fell from a profit of ₹14.77 crore to a loss of ₹11.05 crore. Meanwhile equity benchmark indices Sensex and Nifty surged in early trade on Wednesday extending their previous days rally on optimism over India-EU FTA. The 30-share BSE Sensex jumped 646.49 points to 82503.97 during initial trade. The 50-share NSE Nifty surged 196.7 points to 25372.10.