Nitesh Estates spurts after clarification on Pune Mall

Nitesh Estates spurted 16.38% to Rs 16.63 at 14:17 IST on BSE after the company said that the company is in discussions with the present owners of the Pune mall and the process of due diligence is under progress.

The company made the announcement during market hours today, 15 September 2014.

Meanwhile, the S&P BSE Sensex was down 214.91 points or 0.79% at 26,846.13.

On BSE, so far 3.04 lakh shares were traded in the counter as against average daily volume of 59,540 shares in the past one quarter.

The stock hit a high of Rs 16.80 and a low of Rs 14.35 so far during the day. The stock had hit a 52-week high of Rs 18.70 on 9 June 2014. The stock had hit a 52-week low of Rs 9.82 on 27 September 2013.

The stock had outperformed the market over the past one month till 12 September 2014, advancing 6.09% compared with the Sensex's 4.56% rise. The scrip had, however, underperformed the market in past one quarter, declining 17.16% as against Sensex's 5.81% rise.

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

Nitesh Estates in a clarification with regard to news item titled "Nitesh Estates to buy Pune mall for Rs 300 crore" said that there are discussion with the present owners of the Pune mall and the process of due diligence is under progress. Due to confidentiality arrangement, the company will not be in a position to give more information at this stage, Nitesh Estates said. Under the circumstances, neither the company denies nor it confirms the news item, Nitesh Estates said. Once the final position emerges, appropriate communication will be made to all concerned, the company added.

On a consolidated basis, Nitesh Estates reported a net loss of Rs 3.38 crore in Q1 June 2014 compared with net profit of Rs 4.55 crore in Q1 June 2013. Net sales fell 43.1% to Rs 56.39 crore in Q1 June 2014 over Q1 June 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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