HDIL gains on sale of Mumbai project development rights

HDIL gains on sale of Mumbai project development rights

Housing Development & Infrastructure gained 1.21% to Rs 829 at 14:40 IST on BSE, after the company said it had agreed to sell the development rights for a project in Mumbai for Rs 900 crore.

The company made this announcement during trading hours today, 21 February 2008.

Meanwhile, BSE Sensex was up 14.10 points or 0.08% to 17,631.70.

On BSE, 2.44 lakh shares were traded in the counter. The scrip had an average daily volume of 4.23 lakh shares in the past one quarter.

The stock hit a high of Rs 846 and low of Rs 606 so far during the day. The stock had a 52-week high of Rs 1432 on 10 January 2008 and a 52-week low of Rs 473.50 on 24 July 2007.

The mid-cap scrip had underperformed the market over the past one month till 20 February 2008, declining 3.36% compared to the Sensex’s return of 5.31%. It had outperformed the market in the past one quarter, gaining 14.64% compared to Sensex’s decline of 4.91%.

The company’s current equity is Rs 214.27 crore. Face value per share is Rs 10.

The current price of Rs 829 discounts its Q3 December 2007 annualized EPS of Rs 50.45, by a PE multiple of 16.43.

Housing Development & Infrastructure (HDIL) reported a net profit of Rs 270.23 crore on net sales of Rs 496.62 crore in Q3 December 2007. Figures of the corresponding previous year period were not available.

The Wadhawan group realty firm HDIL has significant operations in the Mumbai metropolitan region