Mahindra Lifespace Shares Jump After Securing Redevelopment Projects In Mumbai
Company will redevelop two adjacent residential societies in Santacruz West, Mumbai, having revenue potential of Rs 500 crore.
Shares of Mahindra Lifespace Developers Ltd. gained the most in nine months since Aug. 19, after it won two redevelopment projects in Santacruz West, Mumbai.
The said project has a revenue potential of Rs 500 crore, the company said in an exchange filing.
Shares of the company jumped 7.36% to Rs 373.40 apiece as of 11:13 a.m., compared with a 0.22% decline in the benchmark Nifty 50. The total traded volume so far was at 47.6 times its 30-day average.
The eight analysts tracking the company, maintain a 'buy' rating on the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 35.5%.