JUST IN
Indian Bank nears 52-week high in a weak market; stock up 19% in 3 months
Heranba Industries tanks 20%, hits record low on weak Q3 results
Adani group's market rout hits $66 bn as fight with Hindenburg escalates
Sun Pharma nears 52-week high ahead of Q3 results; stock up 7% in a month
Rail Vikas, Titagarh: Bullish trend in railway-related stocks may continue
Adani rebuttal to Hindenburg fails to stem concern, bond plunge quickens
Bajaj Finance surges 5% on record quarterly profit
Data Patterns surges 13% on strong Q3 results, healthy order book position
Adani Enterprises zooms 10% post clarification, other group stocks mixed
MARKET LIVE: Sensex rises 200 pts, Nifty holds 17650; IT stocks top gainers
You are here: Home » Markets » News
Adani Enterprises hits 2-mth low, down 4% on setting FPO price at discount
icon-arrow-left
Persistent Systems up 5% on strong TCV, in-line revenue growth in Q3
Business Standard

Mahindra Lifespace surges 8% on foray into society redevelopment in Mumbai

With the current addition, it has exceeded its guidance of land bank addition worth Rs 2,500 crore of development value, every year for FY23, ICICI Securities said.

Topics
Buzzing stocks | Mahindra Lifespace Developers | Market trends

SI Reporter  |  Mumbai 

Shares of Mahindra Lifespace Developers surged 8 per cent to Rs 374.50 on the BSE in Thursday’s intra-day trade in an otherwise weak market after the company said it forayed into society redevelopment space and will be developing two adjacent housing societies in the Santacruz suburb of Mumbai.

Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group. “The company and the two societies will execute definitive documents upon completion of due diligence. The project will offer Mahindra Lifespace a revenue potential of around Rs 500 crore,” the company said in an exchange filing.

Mahindra Lifespace has developed more than 10.77 million square feet of space in the Mumbai Metropolitan Region. Having delivered homes to more than 14,800 satisfied customers across India, it has an overall footprint spanning 32.14 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities, the release added.

Mahindra Lifespace had earlier announced land bank addition with revenue potential of Rs 2,100 crore in FY23. With the current addition, it has exceeded its guidance of land bank addition worth Rs 2,500 crore of development value, every year for FY23.

We like Mahindra Lifespace given its strong parentage, management’s focus on expanding its overall scale of operation and a comfortable balance sheet,” ICICI Securities said in a note.

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

Read our full coverage on Buzzing stocks

First Published: Thu, January 19 2023. 10:39 IST

`
RECOMMENDED FOR YOU
.