Nitesh Estates spurts as promoter revokes pledged holding

The announcement was made during market hours today, 18 June 2013.

Meanwhile, the BSE Sensex was up 34.03 points, or 0.18%, to 19,359.89.

On BSE, 1.09 lakh shares were traded in the counter as against an average daily volume of 30,136 shares in the past one quarter.

The stock hit a high of Rs 12.45 and a low of Rs 10.71 so far during the day. The stock had hit a record low of Rs 10.25 on 3 June 2013. The stock had hit a 52-week high of Rs 20.50 on 19 December 2012.

The stock had underperformed the market over the past one month till 17 June 2013, sliding 15.22% compared with the Sensex's 4.73% fall. The scrip had also underperformed the market in past one quarter, falling 16.6% as against Sensex's 0.52% fall.

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

Nitesh Estates during market hours today, 18 June 2013 said that Nitesh Shetty, chairman & managing director, promoter of Nitesh Estates has released 1.11 crore equity shares of the company representing 7.66% stake from the pledge made with a financial institution by repaying the financial obligations. Following the release of pledged holding, Nitesh Shetty's shareholding in Nitesh Estates rose to 29.28% from 21.62%. Promoters' total holding in Nitesh Estates stood at 44.86% as at 31 March 2013.

On a consolidated basis, Nitesh Estates reported a net loss of Rs 51.33 crore in Q4 March 2013 over net profit of Rs 4.40 crore in Q4 March 2012. Net sales fell 82.5% to Rs 7.01 crore in Q4 March 2013 over Q4 March 2012.

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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