Sobha Developers rose 0.95% to Rs 303 at 15:17 IST on BSE after Lakshmi Machine Works said it has concluded a joint development pact with Sobha Developers for the construction of residential apartments at Lakshmi Machine Works' land in Coimbatore.
Lakshmi Machine Works made the announcement during trading hours today, 19 December 2013.
Shares of Lakshmi Machine Works were down 0.03% at Rs 2,690.
Meanwhile, the S&P BSE Sensex was down 177.41 points or 0.85% at 20,682.45.
So far, 16,000 shares of Sobha Developers changed hands on BSE, as against average daily volume of 23,533 shares in the past one quarter.
The stock hit a high of Rs 306.80 and a low of Rs 301.40 so far during the day. The stock had hit a 52-week high of Rs 472.40 on 13 February 2013. The stock had hit a 52-week low of Rs 214.10 on 4 September 2013.
The stock had underperformed the market over the past one month till 18 December 2013, sliding 4.37% compared with the Sensex's 0.04% rise. The scrip had, however, outperformed the market in past one quarter, jumping 8.12% as against Sensex's 4.5% rise.
The company has equity capital of Rs 98.06 crore. Face value per share is Rs 10.
Lakshmi Machine Works today, 19 December 2013, said that as stated in the Director's Report of the company for the year 2012-13, the company has initiated the housing project at the company's lands situated in Coimbatore. In this connection, the company has concluded a joint development agreement with Sobha Developers for the design, development and construction of residential apartments. The project is expected to be completed during the financial year 2015-16, Lakshmi Machine Works said in a statement.
Sobha Developers' consolidated net profit rose 13% to Rs 56.60 crore on 30.4% growth in net sales to Rs 540 crore in Q2 September 2013 over Q2 September 2012.
Sobha Developers is a real estate developer. It is primarily focused on residential and contractual projects.
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