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Puravankara Rises in Mumbai on Luxury Residential Project Plan

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May 17 (Bloomberg) -- Puravankara Projects Ltd. rallied, snapping a three-day loss, after the Indian real-estate developer said it plans to start marketing a luxury residential project in Bangalore.

The stock jumped 3.7 percent to 105.8 rupees at 2:40 p.m. in Mumbai. It was the biggest gainer on the BSE Mid-Cap Index. More than 1.8 million shares changed hands, about 25 times the three-month daily average, according to the data compiled by Bloomberg. Puravankara plans to offer about 1.24 million square feet of luxury apartments in Bangalore “in a month or two,” said Hari Ramakrishnan, head of investment relations.

“The stock is buoyant on buzz in market that the company will launch some project in Bangalore,” said Riddhi Shah, an analyst at Magnum Equity Broking Ltd. in Mumbai.

Puravankara is “working on the pricing” of the project and is waiting for the necessary approvals before starting sales, Ramakrishnan said on the phone today from his office in Bangalore. The company has already started marketing a luxury residential project in Coimbatore in the southern state of Tamil Nadu and expects it to add 6.5 billion rupees to its sales, according to an exchange filing on May 11.

To contact the reporters on this story: Ameya Karve in Mumbai akarve@bloomberg.net.

Hemal Savai in Mumbai hsavai@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

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