The announcement was made on Friday, 9 August 2013. The stock market was closed on that day on account of Ramzan Id.

Meanwhile, the S&P BSE Sensex was up 185.08 points or 0.99% at 18,974.42.

On BSE, 3,852 shares were traded in the counter as against average daily volume of 24,049 shares in the past one quarter.

The stock hit a high of Rs 65.30 and a low of Rs 62.85 so far during the day. The stock had hit a 52-week high of Rs 122.80 on 18 January 2013. The stock had hit a 52-week low of Rs 58.20 on 31 August 2012.

The stock had underperformed the market over the past one month till 8 August 2013, sliding 19.42% compared with the Sensex's 2.77% fall. The scrip had also underperformed the market in past one quarter, declining 36.07% as against Sensex's 6.01% fall.

The small-cap real estate developer has equity capital of Rs 118.57 crore. Face value per share is Rs 5.

Puravankara Projects said it is set to launch a Rs 350 crore residential property named Purva Skydale in Bengaluru. The company said that the project consists of 2 BHK sized 1,341 to 1,371 square feet (sq. ft) and 3 BHK apartments 1,700 to 1,929 sq. ft. The property is priced between Rs 4,491 to 4,995 per sq. ft.

Commenting on the launch, Jackbastian Nazareth, Group CEO, Puravankara said, "Purva Skydale is a winning proposition, with its innovative features and unbeatable location. The IT hub a stone's throw away, virtually assures capital appreciation. The project is at the pre-launch stage, and already there is substantial demand – as such, we plan to sell on first come, first serve basis."

Puravankara Projects' consolidated net profit surged 36.2% to Rs 68.17 crore on 48.9% growth in net sales to Rs 366.74 crore in Q1 June 2013 over Q1 June 2012.

Puravankara Projects is one of the leading real estate companies in India, with significant presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, and overseas in the United Arab Emirates, Kingdom of Saudi Arabia and Sri Lanka. The company has successfully completed 41 residential and 2 commercial projects encompassing 16.52 million sq. ft. Currently, it has 28.04 million sq. ft of projects under development with an additional 81.57 million sq. ft in projected development over the next 7-10 years.