Mahindra Lifespace Developers recovers on bargain hunting

Mahindra Lifespace Developers rose 1.92% to Rs 375 at 12:32 IST on BSE, with the stock recovering on bargain hunting after 9-day 6.9% slide.

Meanwhile, the S&P BSE Sensex was up 229.91 points or 1.25% at 18,587.71.

On BSE, 2,564 shares were traded in the counter as against average daily volume of 1,370 shares in the past one quarter.

The stock hit a high of Rs 384 and a low of Rs 370 so far during the day. The stock had hit a 52-week high of Rs 452 on 19 November 2012. The stock had hit a 52-week low of Rs 283.95 on 10 May 2012.

The stock had underperformed the market over the past one month till 15 April 2013, sliding 8.84% compared with the Sensex's 5.51% fall. The scrip had also underperformed the market in past one quarter, declining 10.95% as against Sensex's 8.15% fall.

The small-cap company has equity capital is Rs 40.83 crore. Face value per share is Rs 10.

Shares of Mahindra Lifespace Developers had declined 6.9% in nine trading sessions to settle at Rs 367.95 on Monday, 15 April 2013, from a recent high of Rs 395.25 on 2 April 2013.

Mahindra Lifespace Developers today, 16 April 2013, said that the company together with the owner of a property in Byculla Mumbai, wherein the company has development rights on part of the property, is exploring the option of selling the same to third parties.

Separately, Mahindra Lifespace Developers said that the company has acquired a land parcel in MMR region for residential development having an estimated development potential of around 0.50 million square feet.

Mahindra Lifespace Developers after market hours on Monday, 15 April 2013, said that the holding of foreign institutional investors (FIIs) in the company has reached 28.2% of the paid-up equity capital as of Friday, 12 April 2013. This compares with the overall FII investment ceiling of 30% in the company's shares.

Mahindra Lifespace Developers' net profit fell 65.7% to Rs 13.56 crore on 60.1% decline in net sales to Rs 61.41 crore in Q3 December 2012 over Q3 December 2011.

Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group.

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