D B Realty gains as subsidiary proposes entering JV with Vishwaroop Estates

D B Realty jumped 12% to Rs 70.45 at 15:12 IST on BSE, after the company said that its subsidiary is proposing to enter in a joint venture agreement with Vishwaroop Estates for development of a project in Bandra, Mumbai.

The announcement was made during market hours today, 13 October 2015.

Meanwhile, the S&P BSE Sensex was down 25.52 points or 0.09% at 26,878.59

On BSE, so far 2.96 lakh shares were traded in the counter as against an average daily volume of 80,198 shares in the past one quarter.

The stock hit a high of Rs 73.30 and a low of Rs 62.30 so far during the day. The stock had hit a 52-week high of Rs 98 on 4 February 2015. The stock had hit a 52-week low of Rs 48 on 25 August 2015.

The stock had outperformed the market over the past one month till 12 October 2015, rising 16.37% compared with 5.05% rise in the Sensex. The scrip had also outperformed the market in past one quarter, falling 0.24% as against Sensex's 2.74% decline.

The small-cap company has equity capital of Rs 243.26 crore. Face value per share is Rs 10.

D B Realty said that the company's subsidiary MIG (Bandra) Realtors & Builders is proposing to enter in a joint venture agreement with Vishwaroop Estates and Developers (Radius Group, a Sanjay Chhabria Venture) for development of MIG CHSL Group I, Ghandhinagar, Bandra (E) admeasuring approximately 20,149 square metres. The project will be co-branded, D B Realty said. The total built up area of the project is in excess of 2.4 million square feet, the company said. All approvals required have been received and a formal launch of the project is scheduled in mid-November around Diwali. The revenue from the project on completion is expected to be in region of Rs 3500 crore, it added.

On a consolidated basis, D B Realty reported net loss of Rs 1.90 crore in Q1 June 2015, lower than net loss of Rs 7.26 crore in Q1 June 2014. Net sales rose 1.4% to Rs 62.05 crore in Q1 June 2015 over Q1 June 2014.

D B Realty is a real estate developer in India.

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