Kolte-Patil bags its largest re-development project; stock surges over 6%
The stock of Kolte-Patil Developers, on Wednesday, 26 April 2017 surged over 6% on the BSE, riding over the signing of its largest re-development project till date in Mumbai with 15,035 square meters’ plot area.
Kolte-Patil’s economic interest in this project is 4 lakh square feet. Payments of the corpus fund, rental and other project expenses are linked to the approvals and project timelines.
The said project has a strategic location in Dahisar East being well-connected to the Western Express Highway. Further adding the attractiveness of the location is its close proximity to the under-construction Metro VII project which has recently extended to the Mumbai airport.
Kolte-Patil Developers Limited was incorporated on November 25, 1991, as a private limited company. Rajesh Patil and Milind Kolte are promoted the company. The Company was subsequently converted into a public limited company. The company name was changed to Regenesis Developers Limited on December 4, 2006, and subsequently, the name was changed to Kolte-Patil Developers Limited on December 12, 2006.
Stock view –
Kolte Patil Developers Ltd is currently trading at Rs 197.5, up by Rs 6.85 or 3.59% from its previous closing of Rs 190.65 on the BSE.
The scrip opened at Rs 192.2 and has touched a high and low of Rs 204 and Rs 188.2 respectively. So far 1311604(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1444.56 crore
The BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 198.85 on 30-Mar-2017 and a 52 week low of Rs 78.75 on 27-Dec-2016. Last one week high and low of the scrip stood at Rs 196 and Rs 181.85 respectively.
The promoters holding in the company stood at 74.54 % while Institutions and Non-Institutions held 10.41 % and 15.05 % respectively.