Emami Infrastructure hit an upper circuit limit of 20% at Rs 75.10 at 14:01 IST on BSE after the company said it tied-up with a real estate company to launch flagship project in Mumbai.
The announcement was made during trading hours today, 22 March 2017.Meanwhile, the S&P BSE Sensex was down 205.19 points, or 0.70% to 29,280.26 .
On the BSE, 1.22 lakh shares were traded in the counter so far, compared with average daily volumes of 5,477 shares in the past one quarter. The stock had hit a low of Rs 62.90 in intraday trade. The stock hit a 52-week high of Rs 90.40 on 7 July 2016. The stock hit a 52-week low of Rs 34 on 31 March 2016.
The stock had underperformed the market over the past one month till 21 March 2017, falling 0.24% compared with 2.87% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 9.44% as against Sensex's 12.36% rise.
The small-cap company has equity capital of Rs 4.86 crore. Face value per share is Rs 2.
Emami Group announced that it has pumped Rs 350 crore to join hands with Sheth Corp for 50% partnership in Mulund project.
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Emami Group and Sheth Corp, both well-known names in real estate industry, announce the launch of their flagship project Montana in Mulund, Mumbai. Emami Group's realty arm, Emami Infrastructure, a well known developer in Eastern India and Sheth Corp, one of the leading developers in the luxury and mid-housing segment have formed a LLP in this luxury project.
Spread over 7 acres, Montana - a project by Sheth and Emami is located on the arterial LBS Road in one of Mumbai's fastest growing suburb. It comprises of 4 towers. It will have apartments of 2, 3, 4 & 5 bedroom-hall-kitchen (BHK) configurations in various spacious sizes. Montana is well connected to surrounding areas like Navi Mumbai, Thane, South Mumbai and Central/Western Suburbs of Mumbai.
Sheth Group develops residential, township, retail and commercial spaces. Emami Group has so far successfully delivered more than 24 residential and commercial projects. Besides, Emami Group has got huge land parcels at Madurai, Jhansi, etc. where it is exploring the possibility of developing smart city in due course.
Emami Infrastructure reported net loss of Rs 0.17 crore in Q3 December 2016 as against net loss of Rs 0.71 crore in Q3 December 2015. There were no sales reported in Q3 December 2016 and in Q3 December 2015.
Emami Infrastructure's primary business is development of residential, commercial and retail properties through its subsidiaries and associates.
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