Kolte-Patil Developers rose 2.32% to Rs 258.20 after Pabrai Group hiked stake to 9.22% from 7.08% earlier.
Pabrai Group acquired 16.24 lakh equity shares or 2.1433% stake in the realty firm. Post transaction, Pabrai Group's stake in the Indian realtor hiked to 9.2296% from 7.0863% held earlier. The announcement was made after market hours yesterday, 19 December 2019.
Eminent value investor Mohnish Pabrai is the founder and managing partner of the US-based Pabrai Investments Funds.
Kolte-Patil Developers announced on 17 December 2019, that it received a strong response from home buyers based on its promotional campaign at Life Republic township in Pune. The campaign was launched on 7 November and ran till 15 December 2019, attracting sales of 500 units with booking value of Rs 205 crore.
Shares of Kolte-Patil Developers advanced 5.40% in two trading sessions to its current market price of Rs 258.20 from its recent closing low of Rs 244.95 on Wednesday, 18 December 2019.
The Nifty 50 index was up 20.20 points or 0.16% at 12,279.90.
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In the past one month, shares of Kolte-Patil Developers jumped 9.96% to its current market price of Rs 258.20, outperforming the Nifty Realty index's 5.89% rise in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 63.284. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading below its 50-day moving average (DMA) placed at 239.80 as well as below its 200 DMA placed at 236.08. Both these levels would act as a resistance in the near term.
On a consolidated basis, Kolte-Patil Developers reported a net loss of Rs 13.97 crore in Q2 September 2019 as compared to net profit of Rs 10.20 crore in Q2 September 2018. Net sales declined 9.1% to Rs 191.89 crore in Q2 September 2019 over Q2 September 2018.
Kolte-Patil Developers is primarily engaged in business of construction of residential, commercial; information technology (IT) Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects.
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