HDIL received Government nod for new project

Housing Development and Infrastructure gained 2.06% to Rs 863.40 at 12:13 IST on BSE on reports that the company has received Maharashtra state government's approval for the Mumbai airport slum rehabilitation programme.

The stock hit a high of Rs 873 and a low of Rs 850 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 June 2007.

The company’s current equity is Rs 214.27 crore. Face value per share is Rs 10. Promoters hold 61.50% stake in the company (as at end March 2008).

The current price of Rs 863.40 discounts its Q3 December 2007 annualized EPS of Rs 50.45, by a PE multiple of 17.11.

Earlier this year, Housing Development and Infrastructure (HDIL) had bagged a slum rehabilitation project from the Mumbai International Airport (MIAL) aimed at rehabilitating slums in or around Mumbai airport spread over an area of 276 acres.

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

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.