New project launch boosts Parsvnath Developers

Parsvnath Developers rose 1.16% to Rs 415.50 after it unveiled Parsvnath Preston, a high-end group housing residential project, in Sonepat, Haryana.

The company made this announcement during trading hours today, 14 December 2007.

Meanwhile, BSE Sensex was down 89.81 points or 0.45% to 20,014.58.

On BSE 3.58 lakh shares were traded in the counter. The stock had an average daily volume of 3.62 lakh shares in the past one quarter.

The stock hit a high of Rs 421.95 and a low of Rs 391.25 so far during the day. The stock has a 52-week high of Rs 476.90 on 15 December 2006 and a 52-week low of Rs 221.60 on 7 March 2007.

The mid-cap scrip had outperformed the market over the past one month till 13 December 2007, gaining 25.44% as compared to the Sensex's return of 0.88%. It had underperformed the market in the past one quarter, gaining 28.76% as compared to the Sensex's rise of 28.84%.

The company's current equity is Rs 184.70. Face value per share is Rs 10.

The current price of Rs 415.50 discounts Q2 September 2007 annualized EPS of Rs 21.82 by a PE multiple of 19.04.

The expected realization from the project is over Rs 450 crore in next 3 years including this financial year, informed Parsvnath Developers.

Parsvnath Preston spread on 28 acres, offer over 1200 units, will be executed in a period of 3 years from the date of commencement of construction.

On 7 December 2007, Parsvnath Developers (PDL) bagged Rs 47 crore contract from Ministry of Commerce, Government of India for construction and development of a footwear design and development institute in Uttar Pradesh.

On 5 December 2007, the company won the bid to develop a commercial project on 18,632 square meters of land at sector Delta-II in Greater Noida.

On 4 December 2007, Parsvnath SEZ, the company's wholly owned international subsidiary signed a memorandum of understanding with state government of Rajasthan to develop 112 acres special economic zone in Jaipur.

On 5 November 2007, Parsvnath SEZ, a subsidiary of Parsvnath Developers (PDL), signed a memorandum of understanding with state government of Madhya Pradesh to provide facilities and incentives at a 76 acres special economic zone at Indore.

Parsvnath Developers' net profit rose 105.9% to Rs 100.74 crore on 36.3% growth in net sales to Rs 397.24 crore in Q2 September 2007 over Q2 September 2006.

Parsvnath Developers is engaged in promoting and developing real estate. It includes township development, construction of retail shopping malls, hospitals, hotels and clubs