Parsvnath Developer awarded 90 crore contract at SHIRDI

Thebullishtrends: Parsvnath Developer shares are trading at Rs.574.85(+8.65%) share price rose by Rs.45.75 after this news. Parsvnath Developers Ltd has announced that the Company has been awarded the construction contract of Sai Ashram at Shirdi in Maharashtra. The work has been awarded by Shirdi Sai Trust, Chennai, and the managing, trustee being Mr. K V Ramani.With an approximate contract value of Rs 90 crore, the Company will construct Dormitories Blocks, Residential Blocks and an Open Air Theatre Restaurant Blocks, Security Rooms in the Ashram which is spread over a built up area of approximately 10 Lac sq. ft.

The project will be initiated within the month of January 2008 and the work will be completed within 21 months from the date of commencement of construction.The Company is already developing a 3-star hotel at Shirdi spread over a total area of 50,000 sq. feet, which will have 58 rooms on offer.