Puravankara Shares Locked In Upper Circuit On Redevelopment Contract
The residential project has a potential gross development value of over Rs 2,000 crore.
Shares of Puravankara Ltd. rose on Wednesday, extending its gains for the fourth straight day, after it was selected to redevelop a residential housing society in Pali Hill, Mumbai. The stock has risen 6.43% in its four-day rally.
The residential project has a cumulative estimated development potential of 4.10 lakh square feet carpet area, with over 2.15 lakh square feet available for sale and a potential gross development value of over Rs 2,000 crore.
The company is also in advance discussions for the redevelopment of three to four other prestigious housing societies in Mumbai, according to an exchange filing.
Shares of the realtor were locked in 5% upper circuit limit of Rs 377 apiece, the highest level since April 18. This compares to a 0.42% advance in the NSE Nifty 50.
The stock price has doubled on a year-to-date basis and jumped 388.98% in the last 12 months. Total traded volume so far in the day stood at 0.09 times its 30-day average. The relative strength index was at 79.53, indicating that the stock may be overbought.
Both the analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average 12-month analysts' price target implies an upside of 19.9%.
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