purvankara: Puravankara board approves Rs 1,000 cr fundraising plan via QIP mode

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Puravankara’s board of directors on Thursday approved a Rs 1,000 crore fundraising plan via the qualified institutional placement (QIP) mode in one or more tranches. The Instruments to be issued under QIP could be equity shares or debentures.

The Bengaluru-based real estate developer has projects in major Indian cities including Bengaluru, Mumbai, Pune, Goa, Hyderabad, Chennai, Coimbatore and Kochi.

Puravankara shares have been market outperformers delivering a whopping 367% returns in the last 12 months which is an outperformance not just over its sectoral index but also the broader Nifty. While the Nifty Realty index has yielded 114% returns over a 1-year period, the 50-stock Nifty has given 25% returns in the same period.

The counter is currently trading above its 50-day and 200-day simple moving averages (SMAs) and the day’s momentum indicators RSI and MFI as suggested by Trendlyne show it in a medium range of 61.8 and 64.9, respectively.

Despite a strong rally, the Puravankara stock has exhibited stability with 1-year beta hovering below 1. A stock with beta less than 1 is considered to be less volatile.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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