Ashiana Housing gains on entering into development agreement

Ashiana Housing rose 2.42% to Rs 235.10 at 11:50 IST on BSE after the company said it entered into development agreement with Bengal Shriram Hi Tech City.

The announcement was made after market hours yesterday, 13 July 2015.

Meanwhile, the BSE Sensex was down 100.12 points, or 0.36%, to 27,861.07.

On BSE, so far 15,000 shares were traded in the counter, compared with an average volume of 5,046 shares in the past one quarter.

The stock hit a high of Rs 242 and a low of Rs 234.35 so far during the day. The stock hit a record high of Rs 327.30 on 24 February 2015. The stock hit a 52-week low of Rs 114 on 14 July 2014.

The stock had underperformed the market over the past one month till 13 July 2015, rising 3.82% compared with 5.81% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 11.98% as against Sensex's 3.73% fall.

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

Ashiana Housing said it entered into a development agreement with Bengal Shriram Hi Tech City (a group company of Bangalore-based Shriram Properties), for development of senior living and regular housing project on a piece of land measuring 19.72 acres situated at Mouza Bhadrakali, Uttarpara Kotrang Municipality, Kolkata, West Bengal. The entire project will have a total saleable area of approximately 18 lakh square feet.

On consolidated basis, Ashiana Housing's net profit rose 635.82% to Rs 29.58 crore on 374.02% rise in net sales to Rs 44.89 crore in Q4 March 2015 over Q4 March 2014.

Ashiana Housing is a real estate development company. It is the pioneer in Senior Living Projects in India. The company's senior living projects are located across India including Bhiwadi (NCR,) Jaipur, Lavassa (Pune), Chennai and Kolkata.

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