Vijay Shanthi inks MoU for Rs 700 mn project

Vijay Shanthi Builders announced that it has yet again ventured in to a memorandum of understanding (MoU) for a Rs 700 million Project at Kilpauk located in the heart of Chennai city.

It further said that all its other projects have reported impressive sales.

The company operates in two segments: construction and mineral water manufacture.

The stock had underperformed the market over the past one month till Sep. 14, 2010, falling 9.74% compared with the Sensex`s 6.49% rise. It underperformed the market in past one quarter, gaining 10.05% as against 11.59% rise in the Sensex.

Shares of the company declined Rs 0.8, or 2.21%, to settle at Rs 35.35. The total volume of shares traded was 10,385 at the BSE (Wednesday).

Vijay Shanthi Builders Zooms 20% on New Project Launch

Vijay Shanthi Builders is locked at the 20% upper circuit at Rs 43.50 after the company has signed a Memorandum of Understanding (MoU) for a Rs 70 crore project at Kilpauk located in the heart of Chennai city.

"The real estate company plans to invest around Rs 1,000 crore over the next two years in various residential projects. These include Chennai's costliest premium apartments, where each flat would cost around Rs 8 crore," according to the report.

"The company has acquired two acres in Tambaram, 7.5 acres in Ambattur and 6.5 grounds in Pursavakkam for residential projects. All the investments would be funded through debt and internal accruals," the report suggest.

The trading volumes on the counter jumped almost thirteen-fold with 177,000 shares changing hands so far as compared to 14,000 shares traded daily in past two-weeks. There are pending orders for 53,861 shares on the BSE.

For more information: Visit our website http://www.vijayshanthibuilders.com or call us at +91-44-44430000