Prestige Estates Projects rose 1% to Rs 292.25 at 11:40 IST on BSE after the company said that its board of directors approved entering into platform deal with HDFC Capital Advisors, 100% subsidiary of HDFC.
The announcement was made after market hours yesterday, 7 February 2018.Meanwhile, the S&P BSE Sensex was up 435.40 points, or 1.28% to 34,518.11.
On the BSE, 24,378 shares were traded in the counter so far, compared with average daily volumes of 1.05 lakh shares in the past one quarter. The stock had hit a high of Rs 305 and a low of Rs 292.25 so far during the day. The stock had hit a record high of Rs 356.10 on 16 January 2018. The stock had hit a 52-week low of Rs 148 on 14 March 2017.
The stock had underperformed the market over the past one month till 7 February 2018, dropping 13.76% compared with 0.21% fall in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.59% as against Sensex's 2.13% rise. The scrip had, however, outperformed the market in past one year, jumping 69.89% as against Sensex's 20.28% rise.
The small-cap company has equity capital of Rs 375 crore. Face value per share is Rs 10.
The board of directors of Prestige Estates Projects approved entering into platform deal (framework agreement) for an arrangement between the company and HDFC Capital Advisors, a 100% subsidiary of HDFC (through its investment funds) for taking up real estate developments across various geographies in the affordable/mid income housing segments through a mix of equity and debt funding. The total corpus of the platform is approximately Rs 2500 crore.
Separately, company's consolidated net profit dropped 3% to Rs 99.20 crore on 3.1% rise in net sales to Rs 1272.30 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 7 February 2018.
Prestige Estates Projects is engaged in the business of real estate development.
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