New order towers Parsvnath Developers

Parsvnath Developers advanced 8.09% Rs 571.90 at 13:00 IST on BSE, after the company said it has received an order worth Rs 90 crore from Shirdi Sai Trust, Chennai for construction of Sai Ashram at Shirdi in Maharashtra.

The company made this announcement during trading hours today, 7 January 2008.

Meanwhile, BSE Sensex was up 34.66 points or 0.17% to 20,721.55.

On BSE, 25.67 lakh shares were traded in the counter. The stock had an average daily volume of 4.04 lakh shares in the past one quarter.

The stock hit a high of Rs 598 so far during the day, which is a record high. The stock touched a low of Rs 515 so far during the day. The stock hit 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 4 January 2008, gaining 38.56% as compared to the Sensex's return of 4.50%. It had also outperformed the market in the past one quarter, rising 46.22% as compared to the Sensex's rise of 16.39%.

The company's current equity is Rs 184.70. Face value per share is Rs 2.

The current price of Rs 571.90 discounts Q2 September 2007 annualized EPS of Rs 21.82 by a PE multiple of 26.21.

The company will construct dormitories blocks, residential blocks and an open-air theatre and restaurant block, spread over a built up area of approximately 10 lakh square feet. The project will be initiated this month and the work will be completed within 21 months from the date of commencement of construction.

The company is already developing a 3-star hotel at Shirdi spread over a total area of 50,000 square feet, which will have 58 rooms on offer.

On 2 January 2008, the company received a letter of intent from Director, Town and Country Planning, Haryana to develop an information technology park project in the state.

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

On 4 December 2007, Parsvnath SEZ, a wholly owned subsidiary of the company, 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 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.

PDL's 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