Puravankara arm bags LoI worth Rs 119-cr form Ranka Properties
Puravankara announced that its wholly owned subsidiary, Starworth Infrastructure and Construction, has received a letter of intent (LoI) from Ranka Properties for the "Ranka Ankura" project, valued at Rs. 118.63 crore.
The execution of the agreement for the concrete and blockwork package for the "Ranka Ankura" project is currently in progress, the company added.
The firm stated that Ranka Properties and the company have no relation with the listed entity.
The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsPurva and Provident, respectively. The group has major operations in Bangalore, with considerable presence in Chennai, Kochi, and Hyderabad, apart from Pune.
The company reported a consolidated net loss of Rs 92.41 crore in Q3 FY25 as against a net profit of Rs 77.92 crore posted in Q3 FY24. Revenue from operations tumbled 44.5% to Rs 318.17 crore in the December 2024 quarter.
Shares of Puravankara tanked 9.51% to Rs 215.95 on the BSE.
The stock touched a 52-week low of Rs 214.80 in the opening trade on 7 April 2025.
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