Mahindra Lifespace Developers rose 3.82% to Rs 465 at 18:48 IST on BSE after the company announced a joint venture with HDFC Capital to develop affordable housing projects in India.
The announcement was made after market hours yesterday, 18 October 2017.Meanwhile, the S&P BSE Sensex was down 80.72 points, or 0.25% to 32,503.63.
On the BSE, 1,324 shares were traded in the counter so far, compared with average daily volumes of 5,273 shares in the past one quarter. The stock had hit a high of Rs 466.90 and a low of Rs 456 so far during the day. The stock hit a 52-week high of Rs 528.10 on 19 September 2017. The stock hit a 52-week low of Rs 319.43 on 16 February 2017.
The stock had underperformed the market over the past one month till 18 October 2017, falling 14.66% compared with 0.56% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.88% as against Sensex's 2.13% rise. The scrip had also underperformed the market in past one year, rising 10.67% as against Sensex's 16.44% rise.
The small-cap company has equity capital of Rs 51.32 crore. Face value per share is Rs 10.
Mahindra Lifespaces Developers (MLDL) said it has partnered with HDFC Capital Affordable Real Estate Fund- 1 (HDFC Capital) -- a fund managed by HDFC Capital Advisors, a wholly-owned subsidiary of HDFC, to form a platform focused on the development of affordable housing projects in India.
The platform will look to rapidly scale up in order to address the demand-supply gap in affordable housing in India, with an estimated development footprint of between 5 to 10 million square feet, depending on the locations selected for its projects, under the Happinest name.
The proposed developments will be undertaken through 'Mahindra Happinest Developers (MHDL), with a 51:49 equity share between MLDL and HDFC Capital. The first development to be undertaken by the joint platform will be 'Happinest, Palghar', expected to be launched in the second half of FY 2018.
On a consolidated basis, net profit of Mahindra Lifespace Developers declined 20.86% to Rs 13.81 crore on 40.88% rise in net sales to Rs 136.05 crore in Q1 June 2017 over Q1 June 2016.
Mahindra Lifespace Developers is the real estate and infrastructure development business of the Mahindra Group, and a pioneer of sustainable urbanisation in India.
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