Shares of Mahindra Lifespace Developers settle with marginal gains

Shares of Mahindra Lifespace Developers pared most of its initial gains and settled with marginally higher on the bourses on Monday.

The scrip opened at Rs 541.95 and later rose 2.37 per cent to touch Rs 550.40, its 52-week high level on BSE.

However, it shed the gains and ended the day 0.35 per cent higher at Rs 539.55.

Similar movement was seen on the NSE as well. The stock opened at Rs 539 and ended the day at Rs 540, higher by 0.78 per cent over its previous close.

Meanwhile, the 30-share benchmark index Sensex closed higher by 321.99 points or 0.54 per cent at a three-week high of 60,115.13 points.

The company's Managing Director and Chief Executive Officer Arvind Subramanian has said it is looking to acquire new land parcels for business expansion in three focus cities -- Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

He highlighted that the company already acquired a land parcel this fiscal that has a Gross Development Value (GDV) of Rs 1,700 crore and the deal pipelines are strong.

In terms of the GDV, he said the new land acquisition should be in the Rs 3,000-4,000 crore range and the company was well above the guidance in creating new business development opportunities.