Parsvnath Developers gains on nod for new SEZ project

Parsvnath Developers rose 0.99% to Rs 479.20 on BSE at 14:26 IST after the company said its subsidiary, Parsvnath SEZ, will develop a pharmaceutical special economic zone (SEZ) at Nanded in Maharashtra.

Meanwhile, BSE Sensex was down 77.98 points or 0.38% to 20,387.15.

On BSE, 6.93 lakh shares changed hands in the counter. The stock had an average daily volume of 3.99 lakh shares on BSE in past one quarter.

The stock hit high of Rs 494.80 also a 52 week high for the scrip. It hit a low of Rs 396 so for during the day. It touched a 52 week low of Rs 221.60 on 7 March 2007.

The mid-cap scrip outperformed the market over the past one month till 2 January 2008 rising 33.96% compared to the Sensex's rise of 4.79%. It also outperformed the market over the past one quarter, rising 33.31% to Sensex's gain of 15.12%.

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

At the current price of Rs 479.20 the PE multiple works out to 21.96 based on Q2 September 2007 annualised EPS of Rs 21.82.

Parsvanath Developers (PDL) has received a letter of intent from Maharashtra Industrial Development Corporation (MIDC), a Maharashtra state government undertaking for development of pharmaceutical special economic zone (SEZ) project in Krushnoor industrial area of Nanded. Parsvnath SEZ (PSL) will float a special purpose company jointly with MIDC to implement the project. PSL will hold 74% stake in the joint venture with MIDC holding balance 26%.

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