Nitesh Estates rose 5.94% to Rs 14.09 at 14:00 IST on BSE after the company announced acquisition of a shopping mall in Pune.
The announcement was made during trading hours today, 13 May 2015.
Meanwhile, the BSE Sensex was up 316.93 points, or 1.18%, to 27,194.41.
On BSE, so far 47,000 shares were traded in the counter, compared with an average volume of 1.70 lakh shares in the past one quarter.
The stock hit a high of Rs 14.40 and a low of Rs 13.25 so far during the day. The stock hit a 52-week high of Rs 18.70 on 9 June 2014. The stock hit a 52-week low of Rs 9.30 on 23 December 2014.
The stock had underperformed the market over the past one month till 12 May 2015, sliding 13.75% compared with 6.93% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.13% as against Sensex's 6.69% fall.
More From This Section
The small-cap company has an equity capital of Rs 145.83 crore. Face value per share is Rs 10.
Nitesh Estates, through a 100% wholly-owned subsidiary has concluded the acquisition of the shopping mall in Koregaon, a upmarket prime location in Pune, the company said in a statement. This shopping mall is situated in a prime location of Pune on six acre land area with built up area of over one million square feet and houses some of the prominent brands, it added.
The mall will generate over Rs 45 crore of rental income per annum after a couple of years and will add significant top line revenue to the company and value creation. The mall asset will also enhance the consolidated asset value of the company, the company said.
On a consolidated basis, Nitesh Estates reported net loss of Rs 5.19 crore in Q3 December 2014 compared with consolidated net loss of Rs 4.68 crore in Q3 December 2013. Total income fell 23.2% to Rs 50.99 crore in Q3 December 2014 over Q3 December 2013.
Nitesh Estates the real estate arm of the Nitesh Group, is an integrated property development company headquartered in Bangalore, India, with presence across 4 asset classes.
Powered by Capital Market - Live News