Mahindra Lifespace Developers gains after acquiring land parcel in Palghar

Mahindra Lifespace Developers gained 1.83% to Rs 483.85 at 10:00 IST on BSE after the company said it has acquired a land parcel in Palghar district of Maharashtra admeasuring 85,000 square meters for residential development.

The company announced after market hours yesterday, 17 November 2015.

Meanwhile, the S&P BSE Sensex was down 21.13 points or 0.08% at 25,843.34.

On BSE, so far 126 shares were traded in the counter as against average daily volume of 5,010 shares in the past two weeks.

The stock hit high of Rs 487.50 and low of Rs 482.80 so far during the day. The stock had hit a 52-week high of Rs 580 on 28 February 2015. The stock had hit a 52-week low of Rs 401.30 on 19 June 2015.

The stock had outperformed the market over the past one month till 17 November 2015, falling 0.16% compared with Sensex's 4.96% fall. The scrip had also outperformed the market in past one quarter, gaining 7.8% as against Sensex's 7.22% drop.

The mid-cap company has an equity capital of Rs 41.03 crore. Face value per share is Rs 10.

Mahindra Lifespace Developers' consolidated net profit fell 35.6% to Rs 15.11 crore on 9.4% decline in net sales to Rs 164.55 crore in Q2 September 2015 over Q2 September 2014.

Mahindra Lifespace Developers is the real estate development business of the Mahindra Group.

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