Parsvnath Developers gains after announcing launch of residential project in Jodhpur

Parsvnath Developers rose 1.94% to Rs 18.35 at 09:58 IST on BSE after the company announced launch of a residential project Parsvnath Aakanksha in a fully functional, integrated township Parsvnath City, Jodhpur.

The announcement was made after market hours yesterday, 15 October 2015.

Meanwhile, the S&P BSE Sensex was down 47.06 points or 0.17% at 26,963.08

On BSE, so far 59,369 shares were traded in the counter as against average daily volume of 37,251 shares in the past one quarter.

The stock hit a high of Rs 18.70 and a low of Rs 18.15 so far during the day. The stock had hit a 52-week high of Rs 27.30 on 28 February 2015. The stock had hit a record low of Rs 14.30 on 7 January 2015.

The stock had underperformed the market over the past one month till 15 October 2015, rising 0.84% compared with 5.07% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.89% as against Sensex's 4.21% decline.

The small-cap company has equity capital of Rs 217.59 crore. Face value per share is Rs 5.

Parsvnath Akanksha project of Jodhpur, is an integral part of the aesthetically designed and well planned township Parsvnath City, Jodhpur that is equipped with modern infrastructure, high end recreational facilities and is a self-contained mini city where over 150 families are already residing. Besides this the residents of this project would also get access to Parsvnath City's well- manicured lawns/parks, broad well lit metaled roads, 24x7 security in gated community along with other numerous facilities, Parsvnath Developers said.

Situated in an ultra-modern township Parsvnath City, Jodhpur spread over 120 acres, Parsvnath Akanksha (2/3 BHK floors) offers low rise floors at an affordable price ranging from the down payment cost of Rs 16.19 lakhs to the upper range of 3 bed room down payment cost of Rs 24.75 lakhs, Parsvnath Developers said.

On a consolidated basis, Parsvnath Developers reported net loss of Rs 7.99 crore in Q1 June 2015 as compared to net profit of Rs 6.15 crore in Q1 June 2014. Net sales rose 66.6% to Rs 159.16 crore in Q1 June 2015 over Q1 June 2014.

Parsvnath Developers, is a real estate and infrastructure development company, having experience of more than 25 years and has pan India presence spread across 42 cities and 15 states. The company's diversified business portfolio comprises of residential, commercial (office and retail), DMRC projects, hotels, SEZs, IT parks and third party construction.

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