HDIL

HDIL Q4 net profit tumbles 91% yoy

HDIL Q4 net profit tumbles 91% yoyReal estate major Housing Development & Infrastructure Ltd. (HDIL) has announced that it has clocked a sharp dip of 91% in its net profit, which stood at Rs 619 million for the quarter ended on March 31, 2009 as compared to Rs 7082 million for the same period year ago.

During the quarter under review, the total income of the company has witnessed a downward trend to Rs 3887 million from Rs 9894 million for the quarter ended March 31, 2008.

DE Shaw invests $ 250 million in HDIL unit

International hedge fund, DE Shaw Composite Investments (Mauritius) has invested $250 million (about Rs 1,000 crore) in Mack Star Marketing - a group company of HDIL.

Mack Star Marketing is developing a commercial complex of about 54,000 sq. meters (built up) in Mumbai.

Last week, HDIL has signed a sale of development rights agreement with Mack Star Marketing Pvt. Ltd. The agreement is with respect to HDIL's Kaledonia project located at Sahar Road, Andheri (East), Mumbai and is for a consideration of Rs. 900 crore.

HDIL Sells Commercial Building Project For 900 Cr To Mack Star Marketing

Housing Development & Infrastructure (HDIL), a part of the Wadhawan group, has entered into sale of Developmental rights agreement with a private company, Mack Star Marketing.

Under the pact, HDIL has sold a commercial building project in Andheri in the western suburb of Mumbai to Mack Star Marketing, for nearly Rs 900 crore.

The project, named Kaledonia, has nearly 0.5 million sq ft of commercial space and HDIL has sold the space at around Rs 18,000 per sq ft.

HDIL operates as a real estate development company in India with primary operations in Mumbai metropolitan region.

Buy HDIL

Stock market analyst Hitendra Vasudeo of stockmechanics.com has recommended a ‘BUY’ on HDIL with a target price of Rs 1,089 in today’s session.

Mr. Vasudeo said that the interested investors can purchase the stock above Rs 1011 with a stop loss of Rs 994. The stock has seen a 52-week high of Rs 1432 and a low of Rs 473.5. Yesterday (4 Feb), the stock marked its closure at Rs 978.15 and the total number of shares traded on yesterday was 867,600.