M Cap: Rs 3,942cr
The worst may be over for real estate companies, for the buzz is that many funds and foreign institutional investors (FlIs) are looking to buy into realty companies which have severely corrected in the recent meltdown.
The Ravi Puravankara-promoted Puravankara Projects is one such company that the funds and FIls are eyeing. This is evident from the phenomenal surge in average delivery volumes, which have gone up seven times from about 45,173 shares to over 3.2 lakh shares in the past fortnight. On July 9, HSBC Global Investment Fund bought 31 lakh shares in the company atRs 191 per share.The Bangalorebased real estate developer, which is 90 per cent held by the promoters, has a land bank of over 120 million sq ft. As of 30 April 2008, the company had about 18 million sq ft under construction in Bangalore, Chennai, Hyderabad, Cochin and Mysore. Most of the projects are residential and about half of them are in Bangalore. lrrFYO8, Puravankara reported revenues of Rs 570 crore and a net profit of Rs 240 crore.
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