Prestige Estates Projects jumps on bargain hunting

Prestige Estates Projects jumped 4.45% to Rs 159.55 at 13:40 IST on BSE on bargain hunting after the stock declined 12.39% in the preceding seven trading sessions to Rs 152.75 on 19 March 2014, from a recent high of Rs 174.35 on 7 March 2014.

Meanwhile, the BSE Sensex was down 44.78 points, or 0.21%, to 21,788.08.

On BSE, so far 26,000 shares were traded in the counter, compared with an average volume of 16,043 shares in the past one quarter.

The stock hit a high of Rs 162.60 and a low of Rs 151.20 so far during the day. The stock hit a 52-week high of Rs 192.35 on 17 May 2013. The stock hit a 52-week low of Rs 105.10 on 28 August 2013.

The stock had outperformed the market over the past one month till 19 March 2014, rising 10.77% compared with the Sensex's 5.36% rise. The scrip had, however, underperformed the market in past one quarter, falling 3.78% as against Sensex's 5.43% rise.

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

Net profit of Prestige Estates Projects declined 12.49% to Rs 80.55 crore on 11.92% 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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