Parsvnath Developers wins buyers not investors

Parsvnath Developers slipped 0.70% to Rs 78.20 at 12:14 IST on BSE, despite bagging an order worth Rs 29.50 crore from the Delhi Metro Rail Corporation.

The company announced the order win during trading hours today, 17 October 2008.

On BSE, 75,049 shares were traded in the counter. The stock had an average daily volume of 2.98 lakh shares in the past one quarter.

The stock hit a high of Rs 82 and low of Rs 77.80 so far during the day. The stock has a 52-week high of Rs 598 on 7 January 2008 and a 52-week low of Rs 64 on 10 October 2008.

The mid-cap stock had underperformed the market over the past one month till 16 October 2008, declining 25.11% as compared to the Sensex's decline of 21.73%. It had also underperformed the market in the past one quarter, falling 23.80% as compared to the Sensex's decline of 15.86%.

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

The current price of Rs 78.20 discounts the company's Q1 June 2008 annualized EPS of Rs 15.44, by a PE multiple of 5.06.

The order is for construction of station box at Dhaula Kuan metro station. The project is to be executed within 15 months.

In September 2008, the company launched a residential project at Indore and expects revenue of Rs 60 crore from it.

Parsvnath Developers' net profit fell 15.6% to Rs 71.30 crore on 5.4% increase in net sales to Rs 364.80 crore in Q1 June 2008 over Q1 June 2007.

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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