Mahindra Lifespace gains as unit to develop housing project

The announcement was made during trading hours today, 10 May 2013.

Meanwhile, the BSE Sensex was up 115.85 points, or 0.58%, to 20,054.89.

On BSE, 1,845 shares were traded in the counter as against an average daily volume of 1,393 shares in the past one quarter.

The stock hit a high of Rs 424 and a low of Rs 406 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 9 May 2013, rising 7.29% compared with the Sensex's 9.40% rise. The scrip had also underperformed the market in past one quarter, sliding 0.32% as against Sensex's 2.33% rise.

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

Mahindra Lifespace Developers said that its subsidiary has entered into a collaboration agreement to undertake a group housing project at Gurgaon in Haryana. The project has a development potential of approximately one million square feet (sq.ft.), the company said in a statement.

Mahindra Lifespace Developers recently announced that foreign institutional investors' (FII) limit in the company has reached 28.26% on 3 May 2013. According to the Reserve Bank of India, FIIs can invest up to 30% in the company.

Mahindra Lifespace Developers' consolidated net profit surged 95.24% to Rs 82 crore on 31.90% increase in total income to Rs 368 crore in Q4 March 2013 over Q4 March 2012.

Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, is a leader in sustainable urban development, through the creation of residential and integrated large format developments across nine Indian cities - Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bangalore.

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