Pradeep Kumar Jain of Parsvnath Developers has been continuously buying shares from the open market since end-2011. From 21.35%, Jain has increased his holding to 24.42%. The latest purchase of 1.14 lakh shares came at an average price of ₹39 a share. Incidentally, the stock, after hitting a high of ₹61 in June 2012, has come off and now trades at ₹41. The debt on the company’s books, at ₹1,711 crore, continues to weigh down profits. In FY12, net profit stood at ₹69 crore against an interest outgo of ₹282 crore. Similarly, in H1FY13, the net profit of ₹38 crore has been dwarfed by an interest expense of ₹145 crore. The company has a low-cost land bank of 190 million sq ft acquired at an average cost of ₹200 per sq ft and 70% of its projects are townships. Parsvnath is looking at plot sales and disposal of non-core assets, besides improving execution to tide over the adverse times. While the market is selectively bullish on realty stocks, Jain is using the opportunity to tighten his hold on the realty company in anticipation of good times ahead.