Puravankara slips 3.3% despite strong Q4 earnings
Strong fourth quarter earnings failed to enthuse investors holding Puravanakara Projects as it announced 50 percent interim dividend only for minority shareholders (excluding promoters). The stock fell 1.3 percent quoting Rs 103 on Thursday.
April 18, 2013 / 12:30 IST
Strong fourth quarter earnings failed to enthuse investors holding Puravankara Projects as it announced an interim dividend of 50 percent on paid up share value of Rs 5 to non-promoters ahead of its institutional placement programme (IPP). The company will spend Rs 75 crore in this exercise. On thursday, the stock fell 1.3 percent quoting Rs 101.75 on BSE.
Analysts say this is a confidence boosting measure from the management at a time when the sector is in doldrums. The move raises the bar for corporate governance at a time when minority shareholders feel shortchanged especially in sectors like real estate. However, the scrip had seen a rally expecting positive fourth quarter earnings. It had soared by 7.46% to end at Rs 105.20 on Wednesday. The Bangalore-based company reported 71 percent increase in consolidated net profit at Rs 79 crore for its fourth quarter ended March.Its consolidated revenue surged 79 percent to Rs 416 crore in the quarter ended March, from Rs 232 crore in the corresponding period of previous fiscal. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
