Parsvnath Developers builds on new project win

Parsvnath Developers gained 2.45% to Rs 378.05 at 14.13 IST on BSE, after the company said it has won the bid to develop a commercial project on 18,632 square meters of land at sector Delta-II in Greater Noida.

The company made this announcement during trading hours today, 5 December 2007.

Meanwhile, BSE Sensex was up 152.32 points or 0.78% to 19,681.82.

On BSE 2.97 lakh shares were traded in the counter. The scrip had an average daily volume of 3.48 lakh shares in the past one quarter.

The stock hit a high of Rs 382.70 and a low of Rs 369.50 so far during the day. The stock has a 52-week high of Rs 545 on 6 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 4 December 2007, gaining 14.61% compared to the Sensex's decline of 0.31%. It had underperformed the market in the past one quarter, rising 16.64% compared to Sensex's rise of 26.44%.

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

The current price of Rs 378.05 discounts Q2 September 2007 annualized EPS of Rs 21.82 by a PE multiple of 17.33.

The mall to be developed on 18,632 sq mt of land at sector Delta-II in Greater Noida would have around 3.6 lakh saleable area on completion, the company said. The estimated cost of this project including the land would be Rs 160 crore.

The realty major expects revenue of over Rs 300 crore from the project to be spread over the next three financial years, which would add to company's topline and bottomline. Construction on the project would be initiated after the company bags the necessary approvals from the authorities concerned, Parsvnath said.

The company is already developing 23 commercial projects such as shopping malls and multiplexes in the country. Also, it already has a commercial project named Parsvnath Bibhab Plaza running successfully 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.

Meanwhile, as per recent reports, the company plans a retail foray with hypermarket stores and it is in talks with two French giants Carrefour and Groupe Casino for the purpose.

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.

On 18 October 2007, PDL said, it would build an iconic residential development Parsvnath City at Indore, sprawling over 200 acres.

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

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