Mahindra Lifespace Developers gains on plan to set up new industrial park

Mahindra Lifespace Developers rose 2.11% to Rs 366 at 10:09 IST on BSE after the company said it signed a pact with the Gujarat government to establish new industrial park.

The announcement was made after market hours yesterday, 12 January 2017.

Meanwhile, the S&P BSE Sensex was down 56.62 points or 0.21% at 27,190.54.

On the BSE, 2,455 shares were traded on the counter so far as against the average daily volumes of 10,404 shares in the past one quarter. The stock had hit a high of Rs 371.45 and a low of Rs 360.20 so far during the day.

The stock had hit a 52-week high of Rs 497 on 28 January 2016 and a 52-week low of Rs 343.30 on 21 November 2016.

The small-cap company has equity capital of Rs 41.04 crore. Face value per share is Rs 10.

Mahindra Lifespace Developers (MLDL) signed a memorandum of understanding (MoU) with the Government of Gujarat, through a 100% subsidiary, to establish a 350-acre (approximately), multi-product industrial park near Ahmedabad. The proposed new industrial park marks Mahindra Lifespaces' foray into Gujarat and is being planned to cater to non-polluting industries. The industrial park is expected to create direct and indirect employment for about 12,000 persons, when fully operational. The proposed multi-product industrial park will be developed under the aegis of Gujarat industrial Policy 2015.

Mahindra Lifespace Developers' net profit rose 426.51% to Rs 32.17 crore on 9.67% decline in net sales to Rs 125.48 crore in Q2 September 2016 over Q2 September 2015.

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

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