Prestige Estates declines after posting dismal Q2 numbers

Prestige Estates Projects dropped 1.26% to Rs 146 at 11:00 IST on BSE after consolidated net profit fell 58.23% to Rs 64.51 crore on 29.4% fall in total income to Rs 1173.52 crore in Q2 September 2016 over Q2 September 2015.

The announcement was made after market hours yesterday, 7 December 2016.

Meanwhile, the S&P BSE Sensex was up 359.10 points or 1.37% at 26,595.97.

On the BSE, 10,699 shares were traded in the counter so far as against average daily volume of 1.55 lakh shares in the past one quarter. The stock had hit a high of Rs 152.45 and a low of Rs 145 so far during the day. The stock had hit a 52-week low of Rs 129.85 on 17 March 2016. The stock had hit a 52-week high of Rs 224 on 23 September 2016.

The stock had underperformed the market over the past one month till 7 December 2016, falling 18.26% compared with the Sensex's 4.45% fall. The scrip had also underperformed the market in past one quarter, declining 24.91% as against the Sensex's 9.3% fall.

The mid-cap company has equity capital of Rs 375 crore. Face value per share is Rs 10.

Meanwhile, Prestige Estates Projects' board of directors approved acquisition of additional stake of 20% in Villaland Developers LLP, a real estate development company, from the existing partners for Rs 20 crore. Subsequent to the acquisition, company's overall stake in Villaland will stand at 80%.

The proposal is being mooted with a view of consolidation of the revenues of Villaland in the company. Villaland's turnover stood at Rs 212.35 crore as on 31 March 2016.

Prestige Estates Projects is one of the leading real estate development companies operating in the southern part of the country and more specifically in Bengaluru.

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