Puravankara Shares Surge Over 12% After Posting Highest Ever Sales In Q1

Shares of Puravankara Ltd. surged over 12% on Thursday after it reported highest ever sales in the quarter ended June.

The company's first quarter sales stood at Rs 1,126 crore, while customer collections from the real estate business rose 52% year-on-year to Rs 696 crore, according to an exchange filing. Average price realisation increased 11% to Rs 8,277 square feet with collections rising 5% when compared to the previous quarter ended March 2023.

Shares of the company rose 11.29% to Rs 105 apiece as of 1:15 p.m., compared to a 0.26% advance in the NSE Nifty 50. The scrip rose as much as 12.35% intraday, the most since Dec. 6, 2022.

Total traded volume stood at 12 times its 30-day average. The relative strength index was at 73, implying that the stock maybe overbought.