Parsvnath Developers surges on diversification
Meanwhile, the BSE Sensex was up 328.05 points, or 1.86%, to 18571.28, as Asian stocks surged with sentiment boosted by Microsoft Corp's bid for Yahoo Inc and following China's buy of a large stake in takeover target Rio Tinto.
On BSE, 10.98 lakh shares of the scrip were traded. The stock had an average daily volume of 6.25 lakh shares on BSE in past one quarter.
The scrip had touched a high of Rs 291.45 and a low of Rs 274.10 so far during the day. The stock had hit 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 scrip had outperformed the market in the one month to 1 February 2008, falling 44.15% as against the Sensex's 10.33% decline. It had also underperformed the market in the past three months, slipping 17.10% against the Sensex's 8.68% slide.
The mid-cap real estate developer has an equity capital of Rs 184.70 crore. Face value per share is Rs 10.
At the current price of Rs 284.35, the scrip trades at a PE multiple of 11.45, based on Q3 December 2007 annualised EPS of Rs 24.83.
Parsvnath Developers would initially invest of Rs 2500 crore in the project. Under the agreement, Parsvnath Hotels would own and develop the hotels and Fortune Park Hotels (FPHL), a wholly owned subsidiary of ITC, would manage these hotels.
Parsvnath is currently coming up with 17 hotel projects of which FPHL would manage seven projects in Ranchi, Lucknow, Indore, Jodhpur, Ujiain, Chandigarh Film City and Dehradun in the first phase. All of these hotels would be operational by 2010.
Parsvnath Developers's net profit spurted 112.8% to Rs 114.66 crore on 53% rise in sales to Rs 456.37 crore in Q3 December 2007 over Q3 December 2006.
Parsvnath Developers is engaged in promoting and developing real estate. It includes township development, construction of retail shopping malls, hospitals, hotels and clubs