Ashiana Housing advances on MoU for a housing project

Ashiana Housing rose 3.24% to Rs 167.50 at 9:55 IST on BSE after the company said it has entered into a memorandum of understanding with a Pune based developer for a housing project.

The announcement was made after market hours yesterday, 27 September 2017.

Meanwhile, the S&P BSE Sensex was up 28.29 points or 0.09% at 31,188.10.

On the BSE, so far 5,841 shares were traded on the counter as against average daily volume of 13,000 shares in the past two weeks. The stock had hit a high of Rs 169.90 and a low of Rs 165.30 so far during the day. The stock had hit a 52-week high of Rs 250.35 on 3 April 2017 and a low of Rs 115.80 on 9 November 2016.

The small-cap company has equity capital of Rs 20.47 crore. Face value per share is Rs 2.

Ashiana Housing has entered into a Memorandum of Understanding with a Pune based developer for development of a 'Group Housing Project', on 19 acres (approximately) of land parcel situated near Hinjwadi, District Pune, Maharashtra on revenue sharing basis. Expected saleable area would be 12.5 lakh sq. ft. to 15 lakhs sq. ft. (approximately).

On a consolidated basis, Ashiana Housing reported net profit of Rs 4.54 crore in Q1 June 2017 compared with net loss of Rs 3.53 crore in Q1 June 2016. Net sales rose 301.9% to Rs 73.54 crore in Q1 June 2017 over Q1 June 2016.

Ashiana Housing is a real estate development company.

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