Nitesh Estates soars about 68% in three sessions

Nitesh Estates surged 16.70% at Rs 17.61 at 11:50 IST on BSE, extending recent gains triggered by media report that Goldman Sachs is set to invest $300 million in a joint venture company floated by Nitesh Estates.

Shares of Nitesh Estates hit an upper circuit limit of 20% at Rs 12.58 on 4 March 2015, when the news report was published. The stock is up 67.87% in three trading sessions from Rs 10.49 on 3 March 2015.

Meanwhile, the BSE Sensex was down 364.78 points, or 1.24%, to 29,084.17.

On BSE, so far 20.67 lakh shares were traded in the counter, compared with an average volume of 73,280 shares in the past one quarter.

The stock hit a high of Rs 18.10 and a low of Rs 16.40 so far during the day. The stock hit a 52-week high of Rs 18.70 on 9 June 2014. The stock hit a 52-week low of Rs 9.30 on 23 December 2014.

The stock had outperformed the market over the past one month till 5 March 2015, rising 30.76% compared with 2.07% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 26.38% as against Sensex's 3.48% rise.

The small-cap company has an equity capital of Rs 145.83 crore. Face value per share is Rs 10.

According to the media report, Goldman Sachs will hold 74%, leaving Bangalore-based Nitesh Estates with 26% in the JV (joint venture) entity, which will own and operate commercial real estate assets in India. The JV entity will acquire rent-yielding office parks, shopping malls and luxury hotels, the report added.

Clarifying on the media report, Nitesh Estates said during trading hours on Wednesday, 4 March 2015, that currently it can neither deny nor confirm the news item. The company is in midst of two large transaction and are governed under the non disclosure clause, it added.

On a consolidated basis, Nitesh Estates reported net loss of Rs 5.19 crore in Q3 December 2014 as against net loss of Rs 4.68 crore in Q3 December 2013. Net sales declined 23.48% to Rs 50.20 crore in Q3 December 2014 over Q3 December 2013.

Nitesh Estates is an integrated property development company, with presence across 4 asset classes.

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