Mahindra Lifespace rises after partial denotification of notified area under SEZ

Mahindra Lifespace Developers gained 0.21% to Rs 352.10 after the company said its subsidiary has received approval of partial de-notification of notified area under Special Economic Zone (SEZ).

Mahindra World City Developers (MWCDL), a subsidiary of Mahindra Lifespace Developers, is developing an SEZ at Mahindra World City, Chennai.

The Ministry of Commerce and Industry (MOCI) has granted approval to Mahindra World City Developers (MWCDL) for partial denotification of 55.90 hectares (de-notified land) in the non-processing area. This de-notified land is a part of approximately 89 hectares which was leased earlier to another subsidiary of the company, Mahindra Integrated Township, for undertaking residential developments in the part of non-processing area. The disclosure was made after trading hours yesterday, 2 March 2020.

Shares of Mahindra Lifespace Developers slipped 11.15% in the past six trading sessions to settle at Rs 351.35 yesterday, 2 March 2020, from its close of Rs 395.45 on 20 February 2020.

Mahindra Lifespace Developers' consolidated net profit slumped 91.2% to Rs 1.81 crore on a 36.6% drop in net sales to Rs 78.83 crore in Q3 December 2019 over Q3 December 2018.

Mahindra Lifespace Developers along with its subsidiaries, is engaged in the development of residential projects and large format developments, such as integrated cities and industrial clusters. The firm is engaged in construction of buildings.

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