Parsvnath Developers builds on good Q3 results

Parsvnath Developers gained 1.70% to Rs 280.70 at 14:29 IST on BSE, on reporting 112.9% surge in net profit to Rs 114.65 crore in Q3 December 2007 over Q3 December 2006.

The results were announced during trading hours today, 31 January 2008.

Meanwhile, BSE Sensex was up 18.26 points or 0.10% to 17,776.90.

On BSE, 4.82 lakh shares were traded in the counter. The scrip had an average daily volume of 6.09 lakh shares in the past one quarter.

The stock hit a high of Rs 290 and a low of Rs 269 so far during the day. The stock had a 52-week high of Rs 598 on 7 January 2008 and a 52-week low of Rs 221.60 on 7 March 2007.

The mid-cap scrip had underperformed the market over the past one month 30 January 2008, declining 42.02% compared to the Sensex's decline of 12.52%. It had also underperformed the market in the past one quarter, declining 16.11% compared to Sensex's decline of 9.97%.

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

The current price of Rs 280.70 discounts its Q2 September 2007 annualized EPS of Rs 21.82, by a PE multiple of 12.86.

Parsvnath Developers (PDL)'s total income rose 59.1% to Rs 487.44 crore in Q3 December 2007 over Q3 December 2006.

On 7 January 2008, the company received an order worth Rs 90 crore from Shirdi Sai Trust, Chennai for construction of Sai Ashram at Shirdi in Maharashtra.

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, the company 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.

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