Puravankara share price surged to a 5 percent upper circuit in early trade on June 3 following the company’s acquisition of a 12.75-acre land parcel in Thane.
In a notable development, there were pending buy orders of 1,187 shares, with no sellers available.
The company’s press release stated, “….. has announced the acquisition of 12.75 acres of land in Patlipada on Ghodbunder Road, Thane, by its wholly-owned subsidiary company, Purva Oak Private Limited.”
The newly acquired land boasts an estimated potential carpet area of 18.20 lakh sq ft and a potential Gross Development Value (GDV) of Rs 4,000 crores over the project lifecycle.
Despite reporting a 33 percent year-on-year (YoY) dip in net profit to Rs 42 crore in the quarter ended March 31, the company saw an impressive revenue of Rs 947 crore in the fourth quarter, marking a substantial 112 percent YoY increase.
Notably, in April 2024, Puravankara emerged as the preferred developer for the redevelopment of a residential housing society in Mumbai’s Pali Hill locality. The project is estimated to have a cumulative development potential of 4.10 lakh square feet carpet area, with approximately 2.15 lakh square feet available for sale and a potential gross development value (GDV) of more than Rs 2,000 crore.
As of 11:05 am, the shares were trading 3.95% higher at ₹420.85 on NSE.
