Mahindra Lifespace stock surges over 9% on smart earnings

Written by PTI | Mumbai | Updated: Jul 31 2014, 23:41pm hrs
Shares of Mahindra Lifespace Developers today surged over 9 per cent after the company reported over 8-fold jump in consolidated net profit for the quarter ended in June.

The stock ended at Rs 603.95, up 9.14 per cent on the BSE. In intra-day trade, it soared 19 per cent to Rs 659 -- 52-week high.

At the NSE, the scrip climbed 5.90 per cent to settle at Rs 586.30.

On the volume front, 2.68 lakh shares of the company changed hands at the BSE, while over 10 lakh shares were traded at the NSE during the day.

Mahindra Lifespace Developers reported over net profit of Rs 179.31 crore for the April-June quarter, 2014-15, on higher sales. Its net profit stood at Rs 21.77 crore a year ago.

Its consolidated total income jumped more than two times to Rs 436.55 crore during April-June as compared to Rs 183.07 crore in Q1, 2013-14.