Prestige Estates drops after posting poor Q1 result

Prestige Estates Projects declined 4.76% to Rs 183.90 at 14:40 IST on BSE after consolidated net profit dropped 58.31% to Rs 47.79 crore on 35.75% drop in total income to Rs 971.35 crore in Q1 June 2016 over Q1 June 2015.

The result was announced after market hours yesterday, 14 September 2016.

Meanwhile, the S&P BSE Sensex was up 31.53 points or 0.11% at 28,403.76.

On BSE, so far 12,930 shares were traded in the counter as against average daily volume of 13,310 shares in the past one quarter. The stock hit a high of Rs 191.65 and a low of Rs 183 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 225 on 2 December 2015. The stock had underperformed the market over the past one month till 14 September 2016, falling 1.91% compared with 0.78% gains in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 5.09% as against Sensex's 7.49% gains.

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

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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