Arvind SmartSpaces gains after tieup with HDFC Capital

Arvind SmartSpaces rose 1.63% to Rs 87.50 after the company said it entered into a strategic partnership with HDFC Capital Affordable Real Estate Fund 1.

Arvind SmartSpaces announced that it has entered into a strategic partnership with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) a fund managed by HDFC Capital Advisors, a wholly-owned subsidiary of HDFC. The partnership will focus on the development of affordable and mid-income housing projects in India while ensuring quality and timely delivery of finished units. The proposed developments will be undertaken by a special purpose vehicle "Arvind Homes" set up with an initial investment of Rs 250 crore.

Meanwhile, the S&P BSE Sensex was up 50 points or 0.13% to 37930.11.

On the BSE, 3,754 shares were traded in the counter so far compared with average daily volumes of 2,264 shares in the past two weeks. The stock hit a high of Rs 90 and a low of Rs 87.5 so far during the day.

The stock hit a 52-week high of Rs 143.8 on 20 Dec 2018. The stock hit a 52-week low of Rs 76 on 29 Jul 2019.

With approximately 7 million square feet of real estate development across the country, Arvind SmartSpaces is focused on delivering real estate solutions that add value to the lives of its customers and is fast emerging as a leading corporate real estate player in the country. The company has real estate developments across Ahmedabad, Gandhinagar, Bangalore and Pune.

On a consolidated basis, Arvind SmartSpaces net profit rose 120.7% to Rs 2.56 crore on a 33% increase in net sales to Rs 36.55 crore in Q1 June 2019 over Q1 June 2018.

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