The company made this announcement before trading hours today, 30 March 2010.

Meanwhile, the BSE Sensex was up 51.79 points, or 0.29% to 17,763.14.

On BSE, 29,264 shares were traded in the counter as against an average daily volume of 1.36 lakh shares in the past one quarter.

The stock hit a high of Rs 99.40 and a low of Rs 95.90 so far during the day. The stock had hit a 52-week high of Rs 136.50 on 25 August 2009 and a 52-week low of Rs 39.50 on 31 March 2009.

The mid-cap stock had underperformed the market over the past one month till 29 March 2010, gaining 0.11% as compared to the Sensex's 7.80% rise. It had outperformed the market in the past one quarter, rising 3.66% as compared to the Sensex's return of 1.78%.

The company's equity capital is Rs 106.74 crore. Face value per share is Rs 5.

The current price of Rs 98 discounts the company's Q3 December 2009 annualized EPS of Rs 4.84, by a PE multiple of 20.25.

The first project of the joint venture company is expected to be in the metro area of Chennai, in South India, Puravankara said in a filing with BSE.

Desarrolladora Homex is the industry leading home developer specializing in building communities for the affordable entry-level and low middle-income housing markets, in addition to building tourism development.

Puravankara Projects' net profit surged 75.6% to Rs 25.80 crore on 40.7% rise in net sales to Rs 111.71 crore in Q3 December 2009 over Q3 December 2008.

Puravankara Projects is a real estate development company. The company focuses on residential and commercial properties, such as apartment complexes, villas, and townhouses.