Vipul surges after getting good response for premium residential project at Gurgaon

Vipul surged 8.37% at Rs 57 at 14:26 IST on BSE after the company said it has seen a good response to the launch of its new project, Aarohan, at Golf Course Road, Gurgaon.

The announcement was made after market hours yesterday, 8 June 2016.

Meanwhile, the BSE Sensex was down 284.21 points, or 1.05% to 26,736.45

On BSE, so far 1.52 lakh shares were traded in the counter compared with an average daily volume of 1.23 lakh shares in the past one quarter. The stock hit a high of Rs 59.90 and a low of Rs 53.80 so far during the day. The stock had hit a 52-week high of Rs 67.85 on 7 October 2015. The stock hit a 52-week low of Rs 31.10 on 25 August 2015. The stock had underperformed the market over the past one month till 8 June 2016, falling 3.49% compared with Sensex's 7.1% rise. The scrip, however, outperformed the market in past one quarter, rising 22.61% as against Sensex's 9.58% rise.

The small-cap realty firm has equity capital is Rs 12 crore. Face value per share is Re 1.

Vipul said that 101 out of 382 flats at the company's Aarohan phase 1 project at Golf Course Road, Gurgaon have been allotted. This represents more than 26% of the 382 apartments the company opened for sale in the first phase of this project, Vipul said. The value of apartments sold is in excess of Rs 303 crore, the company said.

The Aarohan phase 1 project constitutes three iconic towers with four apartments on each floor in each tower in the first phase. The total estimated area shall be 0.9 million square feet of premium residential space in the first phase.

Vipul reported net profit of Rs 0.53 crore in Q4 March 2016 as compared with net loss of Rs 0.80 crore in Q4 March 2015. Net sales fell 22% to Rs 30.58 crore in Q4 March 2016 over Q4 March 2015.

Vipul is a real estate developer in National Capital Region (NCR) besides developing properties in Gurgaon, Ludhiana, Bawal, Bhubaneshwar and Faridabad.

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