Latest news with #LetterofIntent
Mint
2 days ago
- Business
- Mint
Puravankara share price surges 8% after subsidiary bags ₹272 crore contract
Puravankara, a leading real estate developer in India, witnessed an 8% surge in its share price during Thursday's trading session on June 19, reaching ₹ 301.25 apiece and on course to snap a seven-day losing streak, if trend persists. The rebound came after the company announced that its wholly owned subsidiary—Starworth Infrastructure & Construction, which focuses on tech-driven EPC solutions—had received a Letter of Intent for civil and finishing works for the proposed residential apartment project 'TRU AQUAPOLIS' in Varthur, Bengaluru, from Tru Dwellings Private Limited. According to the company's exchange filing, the total value of the contract stands at ₹ 272 crore. Meanwhile, domestic brokerage firm Emkay Global Financial has retained its 'buy' rating on the stock with a target price of ₹ 400 apiece following the company's March quarter results. Although pre-sales in FY25 were weak due to delays in approvals, the brokerage expects strong pre-sales growth in FY26E and FY27E, driven by key project launches lined up for FY26. The company began FY26 on a strong note by announcing a strategic joint venture with KVN Property Holdings LLP to develop a 24.59-acre land parcel in North Bengaluru's KIADB Hardware Park. With an estimated gross development value (GDV) of over ₹ 3,300 crore and a saleable area of 3.48 million square feet, the project further strengthens the group's launch pipeline and regional presence. The company expects to receive occupancy certificates (OCs) for key projects like Atmosphere, Oakshire, and Capella in Bengaluru and Adora De Goa in Goa during FY26. These projects cover a total saleable area of 3.95 million square feet and carry a total GDV of ₹ 3,200 crore. This is expected to drive handovers and revenue recognition in the upcoming quarters. In FY25, the company achieved pre-sales of ₹ 5,006 crore, with a sales volume of 5.67 million square feet. It also recorded a 10% year-on-year increase in sales realization to ₹ 8,830 per square foot. Collections for the year stood at ₹ 3,937 crore, reflecting a 9% growth over the previous year. After maintaining a steady upward trend from March 2023 to June 2024, the stock came under pressure for the following 10 months. However, it regained momentum in May, closing the month with a 14% rally. The upward trend has extended into June, with the stock up another 9% so far. Looking at the long-term performance, the stock has gained 255% over the past three years and 620% over the past five years.
Mint
2 days ago
- Business
- Mint
Puravankara share price surges 8% after subsidiary bags ₹272 crore contract
Puravankara, a leading real estate developer in India, witnessed an 8% surge in its share price during Thursday's trading session on June 19, reaching ₹ 301.25 apiece and on course to snap a seven-day losing streak, if trend persists. The rebound came after the company announced that its wholly owned subsidiary—Starworth Infrastructure & Construction, which focuses on tech-driven EPC solutions—had received a Letter of Intent for civil and finishing works for the proposed residential apartment project 'TRU AQUAPOLIS' in Varthur, Bengaluru, from Tru Dwellings Private Limited. According to the company's exchange filing, the total value of the contract stands at ₹ 272 crore. Meanwhile, domestic brokerage firm Emkay Global Financial has retained its 'buy' rating on the stock with a target price of ₹ 400 apiece following the company's March quarter results. Although pre-sales in FY25 were weak due to delays in approvals, the brokerage expects strong pre-sales growth in FY26E and FY27E, driven by key project launches lined up for FY26. The company began FY26 on a strong note by announcing a strategic joint venture with KVN Property Holdings LLP to develop a 24.59-acre land parcel in North Bengaluru's KIADB Hardware Park. With an estimated gross development value (GDV) of over ₹ 3,300 crore and a saleable area of 3.48 million square feet, the project further strengthens the group's launch pipeline and regional presence. The company expects to receive occupancy certificates (OCs) for key projects like Atmosphere, Oakshire, and Capella in Bengaluru and Adora De Goa in Goa during FY26. These projects cover a total saleable area of 3.95 million square feet and carry a total GDV of ₹ 3,200 crore. This is expected to drive handovers and revenue recognition in the upcoming quarters. In FY25, the company achieved pre-sales of ₹ 5,006 crore, with a sales volume of 5.67 million square feet. It also recorded a 10% year-on-year increase in sales realization to ₹ 8,830 per square foot. Collections for the year stood at ₹ 3,937 crore, reflecting a 9% growth over the previous year. After maintaining a steady upward trend from March 2023 to June 2024, the stock came under pressure for the following 10 months. However, it regained momentum in May, closing the month with a 14% rally. The upward trend has extended into June, with the stock up another 9% so far. Looking at the long-term performance, the stock has gained 255% over the past three years and 620% over the past five years. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Indian Express
12-06-2025
- Business
- Indian Express
Mohali flat buyers get relief from Supreme Court
In a key ruling that balances homebuyer rights and builder liability, the Supreme Court has upheld a refund with 8% compounded interest to two buyers who pulled out of a delayed Greater Mohali Area Development Authority (GMADA) housing project, but turned down their plea to recover the home loan interest they had paid. A bench of Justices Sanjay Karol and Prasanna B. Varale delivered the ruling last week in a dispute stemming from GMADA's 'Purab Premium Apartments' project in Sector 88, Mohali. The buyers, Anupam Garg and Rajiv Kumar, had booked 2-BHK flats in 2012 and deposited ₹50.46 lakh and ₹41.29 lakh, respectively. They were promised possession by May 2015 under a Letter of Intent (LOI), which also assured a refund with 8% interest in case of delay. Citing slow progress and major deviations from the promised layout and amenities, the buyers sought refunds in 2016. When GMADA resisted, they moved the Punjab State Consumer Commission, which in 2018 ordered GMADA to return their money with 8% interest, ₹60,000 each for mental harassment, ₹30,000 each in litigation costs, and the interest they had paid on their housing loans. This decision was upheld by the National Consumer Disputes Redressal Commission (NCDRC) in 2019. However, GMADA contested the direction to pay for buyers' loan interest in the Supreme Court. In its verdict, the court reaffirmed that delayed possession entitles buyers to a refund with reasonable interest. 'Where the development authority… does not deliver possession… the allottee is entitled for refund… with reasonable interest,' the bench said, citing its earlier ruling in Bangalore Development Authority v. Syndicate Bank. The bench also quoted GDA v. Balbir Singh, saying compensation must vary with the facts of the case: 'In cases where monies are being simply returned… the compensation would necessarily have to be higher.' However, the judges ruled out compensation under multiple heads. Citing DLF Homes Panchkula v. D.S. Dhanda, they said, 'There cannot be multiple heads to grant of damages and interest when the parties have agreed for payment of damages.' Justice Karol observed, 'The 8% interest awarded… is the compensation for being deprived of the investment… No amount of interest on the loan taken by the respondents could have been awarded.' The court allowed GMADA's appeal in part—striking down the loan interest component but upholding the rest of the relief granted by the consumer commissions. GMADA will not have to deposit any additional sum, and the money already with the State Commission will be disbursed to the buyers.
India Gazette
05-06-2025
- Business
- India Gazette
Starlink to complement, not compete with Airtel & Jio says Centrum's report
New Delhi [India], June 5 (ANI): According to the recent report by Centrum, it believes that SpaceX's satellite internet division, Starlink, is not positioned to compete directly with major telecom operators like Reliance Jio, Airtel, or VIL. The reports say that instead of this, Starlink is strategically positioned to complement India's existing connectivity landscape, specifically targeting remote and hard-to-reach areas where traditional network infrastructure is currently unviable. Starlink is preparing for its highly anticipated launch in India following conditional approvals from the Department of Telecommunications (DoT). This significant regulatory stride, marked by a Letter of Intent (LoI), enables Starlink to operate under stringent compliance and localisation mandates. Centrum says that this initial network capacity is estimated to serve approximately 50,000 users at launch. Even with projected improvements, a total bandwidth of 3 Tbps by 2027 will restrict usage to select high-need zones and high-tiered plans. Pricing is expected to be in a premium range, with a basic plan at around Rs850/month for 50GB and Rs2,500-Rs3,400/month for unlimited data. User equipment costs, ranging from Rs21,000 to Rs43,000, may pose challenges for adoption in rural areas without subsidies. Urban and metro areas are likely to see low uptake due to the availability of low-cost fibre broadband options. However, Starlink's presence is not expected to disrupt existing ISPs or mobile operators in the near term, but rather add value by addressing India's digital access gaps. Due to high terminal and plan costs, it is likely to remain a premium offering focused on specific use cases, rather than widespread consumer adoption. Long-term expansion and cost reductions, coupled with a favourable regulatory framework, could enable broader impact. The report also believes that as a strategic connectivity tool, Starlink could support national goals like Digital India and BharatNet, especially where fibre deployment is impractical. Recently, Minister for Communications Jyotiraditya Scindia said Elon Musk's Starlink will be the third satellite internet company to be given a license for providing services in India. (ANI)
Time of India
05-06-2025
- Business
- Time of India
Starlink to complement, not compete with Jio, Airtel, Vodafone Idea: Centrum Broking
New Delhi: According to the recent report by Centrum, it believes that SpaceX's satellite internet division, Starlink , is not positioned to compete directly with major telecom operators like Reliance Jio , Airtel , or VIL. The reports say that instead of this, Starlink is strategically positioned to complement India's existing connectivity landscape, specifically targeting remote and hard-to-reach areas where traditional network infrastructure is currently unviable. Starlink is preparing for its highly anticipated launch in India following conditional approvals from the Department of Telecommunications (DoT). This significant regulatory stride, marked by a Letter of Intent (LoI), enables Starlink to operate under stringent compliance and localisation mandates. Centrum says that this initial network capacity is estimated to serve approximately 50,000 users at launch. Even with projected improvements, a total bandwidth of 3 Tbps by 2027 will restrict usage to select high-need zones and high-tiered plans. Pricing is expected to be in a premium range, with a basic plan at around Rs850/month for 50GB and Rs2,500-Rs3,400/month for unlimited data. User equipment costs, ranging from Rs21,000 to Rs43,000, may pose challenges for adoption in rural areas without subsidies. Urban and metro areas are likely to see low uptake due to the availability of low-cost fibre broadband options. However, Starlink's presence is not expected to disrupt existing ISPs or mobile operators in the near term, but rather add value by addressing India's digital access gaps. Due to high terminal and plan costs, it is likely to remain a premium offering focused on specific use cases, rather than widespread consumer adoption. Long-term expansion and cost reductions, coupled with a favourable regulatory framework, could enable broader impact. The report also believes that as a strategic connectivity tool, Starlink could support national goals like Digital India and BharatNet, especially where fibre deployment is impractical. Recently, Minister for Communications Jyotiraditya Scindia said Elon Musk's Starlink will be the third satellite internet company to be given a license for providing services in India.
