Kolte-Patil Developers rose 3.33% to Rs 197 at 11:05 IST on BSE after the company announced its largest redevelopment project till date in Mumbai.
The announcement was made during market hours today, 26 April 2017.Meanwhile, the S&P BSE Sensex was up 172.53 points, or 0.58%, to 30,118.01. The S&P BSE Small-Cap index was up 62.66 points, or 0.41%, to 15,442.55.
On BSE, so far 21,551 shares were traded in the counter, compared with an average volume of 1.33 lakh shares in the past one quarter. The stock had hit a high of Rs 197.70 and a low of Rs 186.20 so far during the day.
The stock had hit a 52-week high of Rs 198.85 on 30 March 2017. The stock had hit a 52-week low of Rs 78.75 on 27 December 2016.
It had outperformed the market over the past one month till 25 April 2017, surging 17.87% compared with the Sensex's 1.77% rise. The scrip had also outperformed the market over the past one quarter, jumping 98.28% as against the Sensex's 8.07% rise.
The small-cap firm has an equity capital of Rs 75.77 crore. Face value per share is Rs 10.
Kolte-Patil Developers has strengthened its Mumbai presence by signing its largest private society redevelopment project till date, Dahisar 5hree Avadhoot Co-operative Housing Society, having a plot area of 15,035 square meters.
Kolte-Patil's economic interest in this project is 4 lakh square feet. Payments of the corpus fund, rental and other project expenses are linked to the approvals and project timelines.
The project has a strategic location in Dahisar East being well-connected to the Western Express Highway. Further adding to the attractiveness of the location is its close proximity to the under construction Metro VII project from Andheri East to Dahisar East, which has been recently extended to the Mumbai airport in the south and Mira-Bhayander in the North,
Commenting on this key development, Gopal Sarda, CEO, Kolte-Patil Developers said that focus in Mumbai is on generating strong return on capital employed (ROCE') and reducing working capital cycle. The company has a diversified portfolio at strategic locations, and all projects are of an optimal size enabling quick turnover.
The Mumbai foray will facilitate profit expansion and reduce working capital cycle while providing synergies to the existing Pune operations, he added.
Kolte-Patil Developers' consolidated net profit rose 30.4% to Rs 18.09 crore on 27% rise in net sales to Rs 225.99 crore in Q3 December 2016 over Q3 December 2015.
Kolte-Patil Developers is Pune's largest developer. It is also present in Mumbai with some upscale redevelopment projects. The company has till date built projects in multiple segments such as residential, commercial, retail, IT parks, and integrated townships.
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