Nitesh Estates gains after signing a new realty development project

Nitesh Estates surged 3.66% to Rs 17 at 14:13 IST on BSE after the company said it has signed up a joint development pact for development of a gated community in an area of 12 acres to accommodate 440 units.

The announcement was made on Saturday, 14 June 2014.

Meanwhile, the S&P BSE Sensex was down 62.73 points or 0.25% at 25,165.44.

On BSE, so far 2.15 lakh shares were traded in the counter as against average daily volume of 74,818 shares in the past one quarter.

The stock was volatile. The stock rose as much as 4.57% at the day's high of Rs 17.15 so far during the day. The stock lost as much as 1.52% at the day's low of Rs 16.15 so far during the day. The stock had hit a record low of Rs 8.70 on 2 August 2013. The stock had hit a 52-week high of Rs 18.70 on 9 June 2014.

The stock had outperformed the market over the past one month till 13 June 2014, surging 40.17% compared with the Sensex's 5.68% rise. The scrip had also outperformed the market in past one quarter, jumping 48.82% as against Sensex's 15.86% rise.

The small-cap real estate developer has equity capital of Rs 145.83 crore. Face value per share is Rs 10.

Nitesh said it has signed up a joint development agreement for development of a gated community in an area of 12 acres to accommodate 440 units. The project located at prime Hennur Main Road will have easy access to the international airport, outer ring road and major office complexes. The project will give a total revenue of Rs 375 crore to the company and will have significant improvement in the profitability over next 36 months. The project will be launched shortly, the company said.

Nitesh Estates reported a consolidated net loss of Rs 7.70 crore in Q4 March 2014, lower then net loss of Rs 51.33 crore in Q4 March 2013. Net sales rose 597.1% to Rs 48.87 crore in Q4 March 2014 over Q4 March 2013.

Nitesh Estates, the real estate arm of the Nitesh Group, is an integrated property development company headquartered in Bangalore, with presence across 4 asset classes. Nitesh Estates develops state-of-the-art homes, hotels, office buildings and shopping malls.

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