Shares of Mahindra Lifespace Developers Ltd. rose to their highest level in over two months on Friday after bagging property development projects in Bengaluru and Mumbai.
The real estate developer has been chosen as a preferred partner to redevelop seven residential societies in Borivali West, Mumbai. The project has a gross development value of approximately Rs 1,800 crore, Mahindra Lifespace Developers said in an exchange filing.
In addition to that, the company has acquired land of 2.37 acres situated in Singasandra, South Bengaluru. This land has a development potential of approximately 2.5 lakh square feet with a gross development value of around Rs 250 crore, the exchange filing said.
Shares of Mahindra Lifespace Developers rose 5.94% to Rs 647.00, the highest level since April 29. It was trading 3.24% higher at Rs 630.50 as of 10:33 a.m., compared to 0.26% decline in the NSE Nifty 50 index.
The stock has gained 31.78% in 12 months and 16.09% on year to date basis. Total traded volume so far in the day stood at 19 times its 30-day average. The relative strength index was at 58.77.
Out of seven analysts tracking the company, five maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.7%.
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