Kolte-Patil Developers jumped 4.94% to Rs 167.95 at 13:35 IST on BSE after the company said it received clearance for the first phase of its township project in Pune.
The company made the announcement before trading hours today, 17 July 2014.
Meanwhile, the BSE Sensex was up 56.90 points, or 0.22%, to 25,606.62.
On BSE, so far 1.77 lakh shares were traded in the counter, compared with an average volume of 1.02 lakh shares in the past one quarter.
The stock hit a high of Rs 170.95 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 162 so far during the day. The stock hit a 52-week low of Rs 49.40 on 6 August 2013.
The stock had outperformed the market over the past one month till 16 July 2014, rising 8.84% compared with 1.43% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 60.61% as against Sensex's 14.69% rise.
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The small-cap company has an equity capital of Rs 75.77 crore. Face value per share is Rs 10.
Kolte-Patil Developers said it received location clearance from the Urban Development Department (UDD) for the first phase of its Sanjivani Integrated Township project in Pune located at Urse, on the Mumbai-Pune Expressway.
Phase I of the project is spread across an area of 242 acres with a saleable area of approximately 6 million square feet. The first sub-phase launch is expected in second half of the financial year ending March 2015 and will invoive the construction of villas and residential towers together with a golf course, commercial space, school and hospital. Kolte-Patil has 51% stake in the project.
Commenting on this key development, Mr. Sujay Kalele, CEO, Kolte-Patil Developers said, "Following the receipt of 'Location Clearance' for the second phase of Life Republic, we are delighted to announce that we have received 'Locationai Ciearance' for the 'Sanjivani Integrated Township' at Urse as well. Both the townships have already received pre-certification from the Indian Green Building Council (IGBC) and we are confident of launching these projects in the second half of the year. These projects add substantially to our saleable inventory and will provide a great fillip to our growth in coming years."
On a consolidated basis, Kolte-Patil Developers tumbled 71.1% to Rs 13.02 crore on 17.2% decline in net sales to Rs 168.30 crore in Q4 March 2014 over Q4 March 2013.
Kolte-Patil Developers is a Pune-based real estate company incorporated in 1991. Kolte-Patil is a well-reputed, trusted name with a reputation for high quality standards, design uniqueness, transparency and the delivery of projects in a timely manner. The company has developed and constructed 48 projects including 35 residential complexes, 9 commercial complexes, and 4 information technology parks covering a saleable area (KPDL share) of over 10 million square feet across Pune and Bengaluru. Consolidating its leadership position in the Pune real estate market, the company is expanding in the high demand Bengaluru market, leveraging 19 years of presence in this market. The company has also recently forayed into the Mumbai market where the initial market entry focus will be on low risk society re-development projects.
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