Mahindra Lifespace Developers rose 1.11% to Rs 512.50 at 10:40 IST on BSE after the company announced a partnership with International Finance Corporation for industrial infrastructure development.
The announcement was made after market hours yesterday, 18 September 2017.The stock has gained 17.77% in five sessions to its ruling price, from a close of Rs 435.15 on 12 September 2017.
Meanwhile, the S&P Sensex was down 17.75 points or 0.05% at 32,406.01. The BSE Small-Cap index was up 33.43 points or 0.2% at 16,867.01.
High volumes were witnessed on the counter. On the BSE, 31,153 shares were traded on the counter so far as against the average daily volumes of 4,082 shares in the past one quarter. The stock had hit a high of Rs 527.85 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 495.90 so far during the day.
The stock had hit 52-week low of Rs 319.53 on 16 February 2017. The stock had outperformed the market over the past one month till 18 September 2017, advancing 25.19% compared with the Sensex's 2.85% rise. The scrip had also outperformed the market over the past one quarter, rising 15.27% as against the Sensex's 4.4% rise. The scrip had also outperformed the market over the past one year, rising 25.59% as against the Sensex's 13.37% rise.
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The small-cap company has equity capital of Rs 51.32 crore. Face value per share is Rs 10.
Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, and International Finance Corporation (IFC), a member of the World Bank Group, announced a partnership for the development of multiple industrial parks across Gujarat, Rajasthan and Maharashtra.
The partnership envisages investment across Mahindra Lifespaces' existing and upcoming industrial park projects, with its first investment in an approximately 350-acre industrial park near Ahmedabad.
The proposed industrial parks will provide impetus to the 'Make in India' initiative and will be located in areas that have significant potential for large scale industrial infrastructure creation.
IFC has collaborated with the company on carbon pricing and on green residential development. In continuation with this engagement, IFC will explore working with the company and with the occupants of these industrial parks for the adoption of renewable energy under its 'Eco Assist' program.
Mahindra Lifespace Developers' consolidated net profit fell 20.9% to Rs 13.81 crore on 40.9% rise in net sales to Rs 136.05 crore in Q1 June 2017 over Q1 June 2016.
Mahindra Lifespace Developers is the real estate development business of the Mahindra Group.
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