Kolte-Patil Developers soared 17.04% to Rs 262 after the company sold 500 apartments at its Life Republic township in Pune.
Kolte-Patil Developers announced during trading hours today, 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.Life Republic is a 390-acre township located in the vicinity of Hinjawadi in Pune. The township brings several world-class lifestyle choices and amenities to customers.
Life Republic, being the company's flagship project, is expected to continue to drive Kolte Patil's revenue, profits, cash flows and return ratios in a significant manner over next decade-and-a-half, the company said.
At present, 4.2 million square feet has already been delivered in the project, making Life Republic an established destination for Pune home buyers and currently home to 10,000 residents. The project has 4 million square feet of pre-approved development space by MAHARERA, and is expected to add another 10,000 residents within three years.
In FY2019, sales of almost 0.9 million square feet were achieved at Life Republic and recent new launches/festive promotions continue to drive strong demand visibility among buyers. The total saleable area at Life republic is ~20 million square feet, based on FSI of 1.0, which is currently incorporated n the project design plans. However, the total FSI potential of the project is 1.7 based on the integrated township norms.
Shares of Kolte-Patil Developers jumped 22.28% in two trading sessions to its current market price of Rs 262 from its recent closing low of Rs 214.25 on Friday, 13 December 2019.
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The Nifty 50 index rose 88.90 points or 0.74% at 12,142.85.
In the past one month, the Kolte-Patil Developers stock advanced 8.13% to its current market price of Rs 262, outperforming the Nifty Realty index's 3.65% rise in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 65.999. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at Rs 239.37 and 200-day moving average placed at Rs 235.94.
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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