Sobha Developers to invest Rs 250cr in Chennai property

Sobha Developers will be launching in new areas, especially in Chennai, where the property will be spread over 1 million sq ft. at an investment cost of Rs250 crore

The real estate company, Sobha Developers, said it will invest Rs250 crore to develop its property in Chennai.

"We will be launching in new areas. We will be launching in Chennai, where the property will be spread over 1 millionsq ft. The investment cost for this is Rs 250 crore," Sobha Developers managing director, J C Sharma, said on the sidelines of the Real Estate Investment Forum and Business Spaces 2011.

On the company's revenue, he said, "We are expecting Rs1,500 crore worth of new space sales (in the current fiscal) from Rs1,100 crore last year."

The firm registered a net profit of Rs182 crore in FY'11, an increase of 32.85%from Rs137 crore posted in the year-ago period.

Sobha sold 2.78 million square feet in FY'11 as against 2.08 million square feet in the year-ago period.

The Bangalore-based company said its total debt stood at Rs1,300 crore and it will repay close to 35% of the same this year. "Our total debt is Rs1,300 crore. In FY' 12, we have to repay Rs 450 crore."

The debt to equity ratio of the company is 0.65:1, the best it has ever had, Sharma said.

In the late afternoon, Sobha Developers was trading at around Rs217 per share on the Bombay Stock Exchange, 0.39% up from the previous close.

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COMMENTS

peter

5 years ago

Hai

I would like to invest my money in the land, i have chooses more then two places, in that 'The village' in the omr Chennai, It's attracted me very much because of the cheap rate luxury apartments. Is shoba developers going to build a apartments like that or shopping complex...?

Peter

HCL Technologies wins Asian Human Capital Summit 2011 Award

HCL Technologies has been conferred the prestigious Asian Human Capital Summit 2011 Award in Singapore for its outstanding human resource practices.

HCL won the award for its corporate commitment to human capital. HCL Technologies has an online portal to allow any employee in any country to post any question about the company, a move which has promoted a transparent culture and has helped employees learn from one another.

The award was given by Minister of State for Manpower and National Development, Brigadier-General Tan Chuan-Jin at the Singapore Human Capital Summit.

Separately, HCL Singapore was also given another award by the Singapore Indian Chamber of Commerce and Industry (SICCI) for making a positive impact on Singapore's social economic development.

Singapore's former High Commissioner to Pakistan, Gopinath Pillai was given the SICCI-DBS Singapore-India Business Award for his varied engagement in the public and private sectors.

In the late afternoon, HCL Technologies was trading at around Rs408.50 per share on the Bombay Stock Exchange, 0.38% down from the previous close.

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HDFC Mutual Fund launches new fixed maturity plan

HDFC FMP 24M September 2011 (1) income scheme closes on 10th October

HDFC Mutual Fund has launched HDFC FMP 24M September 2011 (1), a close-ended income scheme.

The investment objective of the scheme is to generate income through investments in debt / money market instruments and government securities maturing on or before the maturity date. The tenure of the scheme is 24 months.

The new issue closes on 10 October 2011. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Bharat Pareek is the fund manager. Miten Lathia is the fund manager for overseas investments.

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