Prestige Estates drops after recent rally

Prestige Estates Projects lost 1.15% to Rs 164 at 15:12 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 1.90 points or 0.01% at 22,053.58.

On BSE, so far 13,000 shares were traded in the counter as against average daily volume of 17,012 shares in the past one quarter.

The stock hit a high of Rs 167.70 and a low of Rs 162.20 so far during the day. The stock had hit a 52-week low of Rs 105.10 on 28 August 2013. The stock had hit a 52-week high of Rs 192.35 on 17 May 2013.

The stock had outperformed the market over the past one month till 24 March 2014, surging 23.48% compared with the Sensex's 5.98% rise. The scrip had, however, underperformed the market in past one quarter, advancing 2.63% as against Sensex's 4.86% rise.

The mid-cap company has equity capital of Rs 350 crore. Face value per share is Rs 10.

Shares of Prestige Estates Projects had rallied 7.1% in two trading sessions to settle at Rs 165.90 on Monday, 24 March 2014, from a recent low of Rs 154.90 on 21 March 2014.

Prestige Estates Projects' net profit fell 12.5% to Rs 80.55 crore on 11.9% decline in net sales to Rs 429.54 crore in Q3 December 2013 over Q3 December 2012.

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

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