Prestige Estate gains on strong Q2 operational performance

Prestige Estate has gained around 2% in early trading on BSE on the back of strong Q2 performance.

Prestige Estate has gained around 2% in early trading on BSE after the company released strong operational performance for the second quarter ended September 30, 2014.

Earlier, Prestige Estate released its operational performance for the Jul-Sep quarter. The company said it has sold 1,375 residential units and 0.21 million square feet of commercial space amounting to Rs 1486 crore in sales, up 29% from the same quarter last fiscal.
 
Total collections for the company increased by 34% compared to the same quarter in the last fiscal. Also, the company has launched three new residential projects across Bangalore aggregating to 2.78 million square feet (Mnsft) of total developable area in this quarter.

 

Further, this quarter, the company has delivered two residential projects and three commercial projects in Bangalore and one retail project in Hyderabad aggregating to 2.94 Mnsft.

The stock opened at Rs 226 and has hit a high of Rs 230 on BSE while around 2,500 shares have changed hands on BSE and NSE combined, so far