Ashiana Housing gains after foray into Chennai market

Ashiana Housing rose 2.54% to Rs 214.30 at 10:24 IST on BSE after the company said it entered the Chennai's realty space by launching residential projects.

The announcement was made after market hours yesterday, 4 December 2014.

Meanwhile, the BSE Sensex was up 45.17 points, or 0.16%, to 28,607.99.

On BSE, so far 4,158 shares were traded in the counter, compared with an average volume of 8,989 shares in the past one quarter.

The stock hit a high of Rs 216 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 211.55 so far during the day. The stock hit a 52-week low of Rs 57.05 on 19 December 2013.

The stock had outperformed the market over the past one month till 4 December 2014, rising 23.05% compared with 2.52% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 39.33% as against Sensex's 5.45% rise.

The small-cap company has an equity capital of Rs 18.61 crore. Face value per share is Rs 2.

Ashiana Housing said it entered the Chennai market by signing a development agreement, on revenue sharing basis, with Escapade Real Estate (A group company of Arihant Foundations & Housing) a Chennai-based real estate company, for development of a 'senior living project' as well as 'regular group housing project', on 20 acres (approximately) of land with saleable area of 9.70 lakh square feet. (approximately). The proposed project is coming up at Sengundaram village, Maraimalai Nagar, off. GST Road, Chennai (Tamil Nadu), the company said in a statement.

On a consolidated basis, net profit of Ashiana Housing rose 39.31% to Rs 13.82 crore on 55.34% fall in net sales to Rs 26.43 crore in Q2 September 2014 overe Q2 September 2013.

Ashiana Housing is a real estate company with focus on residential apartments.

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