Parsvnath Developers gains after transferring rights in township project

Parsvnath Developers rose 3.08% to Rs 23.45 at 11:30 IST on BSE after the company said it transferred its development rights in a Gurgaon-based township project to Supertech.

The announcement was made during trading hours today, 18 September 2014.

Meanwhile, the BSE Sensex was up 322.92 points, or 1.21%, to 26,954.21.

On BSE, so far 45,000 shares were traded in the counter, compared with an average volume of 1.22 lakh shares in the past one quarter.

The stock hit a high of Rs 23.65 and a low of Rs 22.70 so far during the day. The stock hit a 52-week high of Rs 37.90 on 10 June 2014. The stock hit a 52-week low of Rs 22.25 on 7 February 2014.

The stock had underperformed the market over the past one month till 17 September 2014, falling 9.54% compared with 2.02% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 33.38% as against Sensex's 4.35% rise.

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

Parsvnath Developers said it has entered into a transaction with Supertech, in terms of which the company has transferred the development rights held by it in the township project at Sohna Road, Gurgaon.

The company has also transferred its shareholding in Honey Builders, with whom the company has held joint development rights in the said project, to Supertech.

On a consolidated basis, Parsvnath Developers' net profit fell 60.5% to Rs 6.15 crore on 48.8% decline in net sales to Rs 95.56 crore in Q1 June 2014 over Q1 June 2013.

Parsvnath Developers is a real estate developers. It has a diversified portfolio which includes, integrated townships, group housing, commercial complexes, hotels, IT parks, special economic zones and third-party contracting. As on date, the company has total developable area of over 182.40 million square feet across all real state verticals.

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