Peninsula Land soars 20% on buzz punter buying stock

Shares of real estate firm Peninsula Land surged on rumours that a high-profile operator has been accumulating shares of the company in large quantities.

According to brokers, the Mumbai-based operator has acquired large chunks of Peninsula Land at various price points over the past two weeks.

Analysts expect the stock to do well in the nearterm as several institutional investors have evinced interest in buying the company’s shares after seeing its second quarter results. Peninsula Land reported net profit and revenues worth Rs 82 crore and Rs 287 crore, respectively, up nearly six times from the same quarter last year.

Peninsula Land shares ended 19.9% higher at Rs 70.10 on the BSE on Tuesday.