D B Realty was locked in 10% upper circuit at Rs 79.35 at 15:16 IST on BSE after the company said that a project being developed by its subsidiary has received approval for additional floor space index from Maharashtra government.
The announcement was made after market hours yesterday, 21 January 2015.
Meanwhile, the S&P BSE Sensex was up 108.63 points or 0.38% at 28,997.49
On BSE, so far 10.59 lakh shares were traded in the counter with pending buy orders of 1.19 lakh shares at upper circuit. The stock has an average daily volume of 1.73 lakh shares in the past one quarter.
The stock hit a high of Rs 79.35 and a low of Rs 73.20 so far during the day. The stock had hit a 52-week high of Rs 116.20 on 19 June 2014. The stock had hit a 52-week low of Rs 47.55 on 19 February 2014.
The stock had outperformed the market over the past one month till 21 January 2015, advancing 29.07% compared with the Sensex's 5.54% rise. The scrip had also outperformed the market in past one quarter, rising 19.35% as against Sensex's 8.7% rise.
The small-cap company has equity capital of Rs 243.26 crore. Face value per share is Rs 10.
D B Realty said its subsidiary Neelkamal Realtors and Towers, is developing a project known as DB Orchid Heights, near Jacob Circle, Mahalaxmi, Mumbai. On 19 January 2015, the project received approval from the Government of Maharashtra for development of 3 floor space index (FSI) under DC Regulation 33 (7), from the earlier 2.5 FSI, DB Realty said. The increase in FSI offers substantial positive development for the company and the project offers substantial revenue potential for the company. The project is one of the large projects of the company and the approval represents a significant positive event for the company, it added.
D B Realty's consolidated net profit spurted 1598.3% to Rs 10.02 crore on 8.1% decline in net sales to Rs 79.97 crore in Q2 September 2014 over Q2 September 2013.
D B Realty is a real estate developer in India.
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