Puravankara gains as unit set to launch residential project

The announcement was made during trading hours today, 11 July 2013.

Meanwhile, the S&P BSE Sensex was up 384.31 points or 1.99% at 19,678.43.

On BSE, 5,788 shares were traded in the counter as against average daily volume of 41,217 shares in the past one quarter.

The stock hit a high of Rs 84.80 and a low of Rs 79.15 so far during the day. The stock had hit a 52-week high of Rs 122.80 on 18 January 2013. The stock had hit a 52-week low of Rs 58.20 on 31 August 2012.

The stock had underperformed the market over the past one month till 10 July 2013, sliding 5.42% compared with the Sensex's 0.76% fall. The scrip had also underperformed the market in past one quarter, declining 11.63% as against Sensex's 4.78% gain.

The small-cap real estate developer has equity capital of Rs 118.57 crore. Face value per share is Rs 5.

Puravankara Projects' wholly-owned subsidiary - Provident Housing is set to launch 'premium affordable' homes in Coimbatore. The residential project named Provident Greenpark entails 1 bedroom units of 542 square feet (sq. ft) priced at Rs 17.29 lakh onwards, 2 bedroom units of 886 sq. ft priced at Rs 28.87 lakh onwards and 3 bedroom units of 1,208 sq. ft priced at Rs 38.82 lakh onwards, Puravankara said.

The Provident proposition comes to Coimbatore following its success in Bangalore and Chennai. The company is embarking on similar initiative across major cities in the country, Puravankara said.

Puravankara Projects' consolidated net profit jumped 71.1% to Rs 78.78 crore on 78.8% growth in net sales to Rs 412.26 crore in Q4 March 2013 over Q4 March 2012.

Puravankara Projects is one of the leading real estate companies in India, with significant presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, and overseas in the United Arab Emirates, Kingdom of Saudi Arabia and Sri Lanka. The company has successfully completed 41 residential and 2 commercial projects encompassing 16.52 million sq. ft. Currently, it has 28.04 million sq. ft of projects under development with an additional 81.57 million sq. ft in projected development over the next 7-10 years.

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