Kolte-Patil Developers grows after divestment of land parcel

Kolte-Patil Developers gained 2.59% to Rs 166.35 at 11:15 IST on BSE after the company announced that it has successfully completed a strategic divestment of its land parcel in Wakad, Pune for Rs 161 crore.

The announcement was made after market hours on Monday, 14 August 2017. The market was shut on 15 August 2017 on account of holiday.

Meanwhile, the S&P BSE Sensex was up 27.31 points or 0.09% at 31,476.34. The S&P BSE Small-Cap index was up 111.31 points, or 0.72% at 15,520.51.

On the BSE, 13,641 shares were traded in the counter so far, compared with an average volume of 33,083 shares in the past one quarter. The stock had hit a high of Rs 169.90 and a low of Rs 164.95 so far during the day. The stock had hit a 52-week high of Rs 204 on 26 April 2017. The stock hit a 52-week low of Rs 78.75 on 27 December 2016.

The stock has jumped 14.13% in three sessions to its ruling price from a close of Rs 145.75 on 10 August 2017.

The stock had underperformed the market over the past one month till 14 August 2017, falling 4.79% compared with the Sensex's 1.79% decline. The stock had also underperformed the market over the past one quarter, declining 10.78% as against the Sensex's 4.18% rise. The scrip had, however, outperformed the market over the past one year, gaining 26.78% as against the Sensex's 11.71% rise.

The small-cap company has an equity capital of Rs 75.77 crore. Face value per share is Rs 10.

Kolte-Patil Developers said that the strategic sale has been undertaken after evaluating the overall feasibility and is in line with the company's strategy of maintaining a lean balance sheet. The company will continue to explore strategic partnerships under asset light models to enhance its overall portfolio and position the company for sustained growth.

On a consolidated basis, Kolte-Patil Developers' net profit rose 33.8% to Rs 25.38 crore on 37.1% rise in net sales to Rs 246.56 crore in Q1 June 2017 over Q1 June 2016.

Kolte-Patil Developers incorporated in 1991 is a leading real estate company with dominant presence in the Pune residential market.

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