Markets

Parsvnath Developers stock surges 5% on land monetisation plans

PTI Mumbai | Updated on March 12, 2018 Published on June 25, 2014

Realty firm Parsvnath Developers today surged nearly five per cent on the back of plans for sale or development of land parcels worth Rs 1,000 crore in southern and western parts of the country.

The stock rose 4.92 per cent to hit its upper circuit limit of Rs 36.25 in the afternoon trade on the BSE. The daily trade volume also surged sharply on robust investor interest.

“We are planning to monetise our land parcels in southern and western parts of the country in cities like Chennai, Hyderabad, Kochi, Goa, Mysore and Palghat. We will sell these plots if we get a good price or form joint ventures with local developers,” Parsvnath Developers Chairman Pradeep Jain said.

Asked about the value of these assets, Jain said it would be about Rs 1,000 crore.

The company is in discussion with potential buyers for some of the assets.

Parsvnath is targeting to reduce the debt to Rs 500 crore by March 2016 from the existing Rs 1,300 crore. The funds raised from divestment would be primarily used for debt reduction.

Parsvnath Developers reported a consolidated net loss of Rs 22.84 crore for the quarter ended March on lower sales against a net profit of Rs 14.84 crore in the year-ago period.



Published on June 25, 2014

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism
null
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.