Multibagger locked in 5 per cent upper circuit on being the developer for residential housing society in Mumbai
The stock has experienced significant buying activity, yielding multibagger returns of more than 393 per cent in the last one year.
Today, the shares of Puravankara Limited touched 5 per cent upper circuit at Rs 377 per share on BSE. The company's current market capitalization standing at Rs 8,940.54 crore.
Share Performance:
On Wednesday, the stock opened at Rs 371.90, with the previous closing being Rs 359.05. The 52-week high and low are Rs 391.35 and Rs 75.12, respectively as per BSE.
Recent Development:
The company has been chosen as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai. Pali Hill is a premium address in Bandra West, with property rates ranging from Rs 1 Lakh to Rs 1.20 Lakh per sq ft. The project has an estimated development potential of 4.10 lakh sq ft carpet area, with over 2.15 lakh sq ft available for sale, and a potential Gross Development Value (GDV) of over Rs 2,000 crore. Strategically positioned, the residential society is spread over two and a half acres and is one of the largest in the micro-market.
Currently, the company is in advanced stages of discussions for the redevelopment of three to four other prestigious housing societies in Mumbai.
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About the Company:
The company operates in the development and sale of real estate sector, with projects in major metro cities including Bengaluru, Hyderabad, Chennai, Kolkata, Mumbai, Pune, and Goa.
Business Development:
The company's product-wise break-up reveals that its primary focus is on Real Estate, constituting 100 per cent of its business activities.
Additionally, location-wise, the company's operations are distributed as follows: Bangalore accounts for 58 per cent, West India for 16 per cent, Chennai for 14 per cent, Cochin for 11 per cent, and others for 1 per cent.
Furthermore, the stock has experienced significant buying activity, yielding multibagger returns of more than 393 per cent in the last one year.
Disclaimer: The article is for informational purposes only and not investment advice.