Only sellers in Parsvnath Developers; stock slips 10%

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Only sellers in Parsvnath Developers; stock slips 10%

Parsvnath Developers touched an intraday high of Rs 44.50 and an intraday low of Rs 39.95. At 09:37 hrs the share was quoting at Rs 39.95, down Rs 4.40, or 9.92%.

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ALSO READ See latest News about Parsvnath See what other Experts & Brokerages are saying about Parsvnath See messages about Parsvnath Parsvnath BSE | NSE 29/05/12 Are Mutual Funds betting on Parsvnath?

Parsvnath Developers touched an intraday high of Rs 44.50 and an intraday low of Rs 39.95. At 09:37 hrs the share was quoting at Rs 39.95, down Rs 4.40, or 9.92%.

As per BSE disclosure Mr Pradeep Jain has acquired 30 lakh shares yesterday.
 
There were pending sell orders of 621,384 shares, with no buyers available.
 
It was trading with volumes of 149,149 shares. In the previous trading session, the share closed down 19.80% or Rs 10.95 at Rs 44.35.

The company touched its 52-week high Rs 82.25 and 52-week low Rs 25.10 on 28 Oct, 2011 and 11 Feb, 2011, respectively. Currently, it is trading -51.43% below its 52-week high and 59.16% above its 52-week low. Market capitalisation stands at Rs 1,738.55 crore.

The company's trailing 12-month (TTM) EPS was at Rs 1.79 per share. (Sep, 2011). The stock's price-to-earnings (P/E) ratio was 22.32. The latest book value of the company is Rs 58.80 per share. At current value, the price-to-book value of the company was 0.68.

The company said that, less than 70% of promoter stake pledged at the moment. They have bought 3 million shares in personal capacity yesterday. The company interacted with FII investors including Fidelity yesterday, reports CNBC-TV18.

Check what analyst says on November 22, 2011:

Amit Harchekar of IIFL said that, "The trend on most of the real estate stocks on a medium term chart still remains negative. Yesterday Parsvnath Developers showed some sort of resilience after it pulled back from some of the lows of Rs 38. As long as it stays below Rs 49, the trend remains very negative."

He further added, "The next support zone I am seeing would be between Rs 41-42. So, that should be the area where we can expect sustainable pullback."