Vipul surged 9.09% to Rs 81.60 at 10:00 IST on BSE after the company said it received environmental clearance for its project Aarohan at Golf Course road in Gurgaon.
The announcement was made after market hours on Friday, 16 September 2016.Meanwhile, the BSE Sensex was up 18.57 points, or 0.05% to 28,617.60.
On BSE, so far 78,113 shares were traded in the counter compared with an average daily volume of 2.04 lakh shares in the past one quarter. The stock hit a high of Rs 84.50, so far during the day, which is a 52-week high for the stock. The stock hit a low of Rs 78 so far during the day. The stock hit a 52-week low of Rs 40 on 22 March 2016. The stock had outperformed the market over the past one month till 16 September 2016, rising 8.41% compared with Sensex's 1.9% rise. The scrip had also outperformed the market in past one quarter, gaining 38.9% as against Sensex's 7.82% rise.
The small-cap realty firm has equity capital is Rs 12 crore. Face value per share is Re 1.
Vipul said it received environmental clearance from State Environment Impact Assessment Authority, Haryana, for its project Aarohan on Golf Course road in Gurgaon. By June 2016, it had already sold more than 26% of flats in Phase 1 of the project.
Further, the company said it had raised debt from DMI Finance (DMI) to the tune of Rs 175 crore and this money was utilised toward pre-operative expenses of Project Aarohan. With permissions now in place and construction likely to commence soon, Vipul has received sanction for a loan of Rs 275 crore from PNB Housing Finance at an average rate of 13.35% per annum. Part of the amount raised from PNB Housing, will be utilised towards pre-payment of the debt from DMI, resulting in interest and cash flow savings. Vipul will prepay debt to the tune of Rs 163 crore availed from DMI Finance, Vipul added.
Vipul's net profit fell 41.7% to Rs 0.07 crore on 28.6% drop in net sales to Rs 40.37 crore in Q1 June 2016 over Q1 June 2015.
Vipul is a real estate developer in National Capital Region (NCR) besides developing properties in Gurgaon, Ludhiana, Bawal, Bhubaneshwar and Faridabad.
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