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Puravankara Projects slips after reporting dismal Q1 numbers
Sep 09,2016

The result was announced after market hours yesterday, 8 September 2016.

Meanwhile, the S&P BSE Sensex was down 225.47 points or 0.78% at 28,819.81.

On BSE, so far 57,069 shares were traded in the counter as against average daily volume of 44,680 shares in the past one quarter. The stock hit a high of Rs 51.95 and a low of Rs 50.40 so far during the day. The stock had hit a 52-week low of Rs 42.10 on 12 February 2016. The stock had hit a 52-week high of Rs 68.90 on 15 October 2015. The stock had outperformed the market over the past one month till 8 September 2016, gaining 15.54% compared with Sensexs 3.06% gains. The scrip had also outperformed the market in past one quarter, rising 13.85% as against Sensexs 7.49% gains.

The small-cap realty firm has equity capital of Rs 118.57 crore. Face value per share is Rs 5.

Puravankara Projects consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) margin rose to 26% in Q1 June 2016 from 23% in Q1 June 2015. Puravankara Projects said that sales realisation of ongoing projects for Puravankara and Provident in Q1 June 2016 stood at Rs 6,070 per square feet (sq.ft.) and Rs 4,128 per sq. ft. respectively. Sales of ready to move in and ongoing including new launches rose 45% to 5.7 lakh sq ft in area terms and increased 60% to Rs 314 crore in value terms in Q1 June 2016 over Q1 June 2015. The projects under development stood at 22.08 million square feet as on 30 June 2016. The launch pipeline stands at 11.36 million square feet under both the Puravankara and Provident brands, across Kochi, Bengaluru, Chennai and Mumbai.

Ashish Puravankara, Managing Director, Puravankara Projects said that the company is witnessing a strengthening of its business as compared to earlier periods on project deliveries, collections, accelerated sales from ready to move in and a favourable balance collections namely, balance costs to go owing to many of its current projects having sold over 50%.

Puravankara Projects is a leading real estate company in India, with significant presence in Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad and Mysore.

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Insilco temporarily shuts down plant
Sep 09,2016

Insilco announced that the Plant will continue to remain shut down till 12 September 2016 due to high inventory & low sales volume.

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IDBI Bank jumps on buzz ADB may buy stake
Sep 09,2016

Meanwhile, the BSE Sensex was down 241.12 points, or 0.83%, to 28,804.16.

On BSE, so far 22.37 lakh shares were traded in the counter, compared with average daily volume of 7.04 lakh shares in the past one quarter. The stock hit a high of Rs 80.25 and a low of Rs 76.20 so far during the day. The stock hit a 52-week high of Rs 95.70 on 3 December 2015. The stock hit a 52-week low of Rs 47.40 on 12 February 2016. The stock had outperformed the market over the past 30 days till 8 September 2016, rising 13.26% compared with 4.57% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.86% as against Sensexs 9.05% rise.

The large-cap company has equity capital of Rs 2,058.82 crore. Face value per share is Rs 10.

According to media reports, multilateral agency Asian Development Bank (ADB) has held talks with the government to acquire stake in IDBI Bank as negotiations with World Bank arm International Financial Corporation (IFC) have slowed down.

ADB, along with IFC and Commonwealth Development Corporation (CDC) were in the fray to buy into IDBI Bank, where the government is open to cutting its stake below 51%, something it cant do in other state-run lenders, given restrictions imposed by the law. ADB is expected to acquire 10-15% stake in the bank, reports added.

The government is looking to reduce its stake in IDBI Bank as part of a strategy to rework its functioning as it is seen to have fallen short of expectations. Despite being saddled with legacy assets, the bank has been a perpetual test case for the government since liberalisation n++ the last one being modelling it on the lines of ICICI Bank in what was seen as a transformation.

The Government of India currently holds 73.98% stake in IDBI Bank (as per the shareholding pattern as on 30 June 2016).

IDBI Banks net profit rose 78.35% to Rs 241.10 crore on 4% growth in operating income to Rs 8219.43 crore in Q1 June 2016 over Q1 June 2015.

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Sujana Towers to hold board meeting
Sep 09,2016

Sujana Towers will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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Opto Circuits (India) to hold board meeting
Sep 09,2016

Opto Circuits (India) will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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Rohit Ferro Tech to hold board meeting
Sep 09,2016

Rohit Ferro Tech will hold a meeting of the Board of Directors of the Company on 13 September 2016.

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Advanced Micronic Devices to hold board meeting
Sep 09,2016

Advanced Micronic Devices will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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Dhanalaxmi Roto Spinners to hold board meeting
Sep 09,2016

Dhanalaxmi Roto Spinners will hold a meeting of the Board of Directors of the Company on 13 September 2016.

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Gujarat NRE Coke to hold board meeting
Sep 09,2016

Gujarat NRE Coke will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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IO System to hold board meeting
Sep 09,2016

IO System will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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Unitech to hold board meeting
Sep 09,2016

Unitech will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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Surana Corporation to hold board meeting
Sep 09,2016

Surana Corporation will hold a meeting of the Board of Directors of the Company on 13 September 2016.

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Sita Shree Food Products to hold board meeting
Sep 09,2016

Sita Shree Food Products will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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Provogue (India) to hold board meeting
Sep 09,2016

Provogue (India) will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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Unity Infraprojects to hold board meeting
Sep 09,2016

Unity Infraprojects will hold a meeting of the Board of Directors of the Company on 13 September 2016.

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