Parsvnath Developers sinks to lifetime low

Parsvnath Developers declined 2.78% to Rs 132.80 at 14:05 IST on BSE despite bagging an order worth Rs 125 crore from the state government of Bihar for building a park in an area of 2.9 million square feet.

On BSE, 2.48 lakh shares were traded in the counter. The scrip had an average daily volume of 2.64 lakh shares in the past one quarter.

The stock today hit a low of Rs 130 today, which is a lifetime low for the counter. It hit a high of Rs 138 so far during the day. The stock had a 52-week high of Rs 598 on 7 January 2008

The mid-cap company had underperformed the market over the past one month till 26 June 2008, declining 33.33% compared to the Sensex's decline of 12.73%. It had also underperformed the market in the past one quarter, declining 36.61% compared to Sensex's decline of 11.91%.

The company has an equity capital of Rs 184.70 crore. Face value per share is Rs 10.

The current price of Rs 132.80 discounts its Q4 March 2008 annualised EPS of Rs 23.58, by a PE multiple of 5.63.

The project is to be executed within the period of nine months.

In February 2008, Parsvnath Developers' subsidiary, Parsvnath Hotels formed a joint venture with Royal Orchid Hotels to develop and manage hotels across the country.

Parsvnath Developers' net profit fell 17.8% to Rs 108.88 crore on 31.7% increase in net sales to Rs 526.49 crore in Q4 March 2008 over Q4 March 2007.

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