Kolte-Patil Developers jumps on launch of four residential projects

Kolte-Patil Developers surged 4.8% to Rs 64.35 at 12:25 IST on BSE after the company announced the launch of four new luxury projects in Pune to develop a total of 1.8 million square feet for these new projects.

The announcement was made during trading hours today, 25 September 2013.

Meanwhile, the S&P BSE Sensex was down 165.44 points or 0.83% at 19,754.77.

On BSE, 80,000 shares changed hands in the counter as against average daily volume of 55,187 shares in the past one quarter.

The stock hit a high of Rs 66.75 and a low of Rs 60.80 so far during the day. The stock had hit a 52-week low of Rs 42.50 on 24 September 2012. The stock had hit a 52-week high of Rs 136.35 on 21 January 2013.

The stock had underperformed the market over the past one month till 24 September 2013, rising 3.54% compared with the Sensex's 7.56% surge. The scrip had also underperformed the market in past one quarter, declining 16.52% as against Sensex's 7.44% gain.

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

Speaking at the launch of the projects, Mr. Rajesh Patil, Chairman & Managing Director, Kolte-Patil Group said, "We at KPDL are pleased to add these projects to our Pune portfolio. KPDL always strives to come up with projects that are in sync with the modern times, and at the same time, offers buyers' a holistic lifestyle. We are sure these projects will be resounding success and will help us further consolidate our position as one of the leading real estate companies in Pune."

Mr. Sujay Kalele, CEO, Kolte-Patil Developers added, "With rapid globalization, an increasing number of Indians are getting exposed to International lifestyle and prefer to have an exclusive address back home. Consumers are now open to spending that much 'extra' for that comfort and exclusivity. Keeping this in mind, we at Kolte-Patil have come up with new-age homes that coter to buyers' exclusive tastes as well as aspirational levels. We are confident that these projects will redefine luxury living in Pune."

Kolte-Patil Developers' (KPDL) consolidated net profit surged 115.3% to Rs 26.40 crore on 120.1% growth in net sales to Rs 213.34 crore in Q1 June 2013 over Q1 June 2012.

Kolte-Patil Developers (KPDL) is a real estate developer in India. Headquartered in Pune, KPDL has delivered over 8 million sq. ft. of creations across Pune and Bengaluru. The company has 9 million sq. ft. of development to be commenced in FY 2013-14.

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