Peninsula Land has rallied 7% to Rs 53.15 after reporting almost six-fold jump in net profit at Rs 82.71 crore for the quarter ended September 2012 on back of higher operational income. The Mumbai-based real estate developer had a profit of Rs 13.68 crore in previous year quarter. Total income from operations has increased by 479% to Rs 287 crore on year-on-year basis.
Earlier this month, the company has entered into an agreement with HEM Bhattad to develop property measuring approximately 19 acres in Central Mumbai.
The stock opened at Rs 52 and hit a high of Rs 55.75 on the BSE. As many as a combined 363,829 shares have already changed hands on the counter in morning trades against an average around 230,000 shares that were traded daily in past two weeks.
