Peninsula surges on fund mop-up talk
Peninsula Land has been surging ever since the company announced that it will consider raising funds at its meeting scheduled on Friday.
By TNN |
MUMBAI: Peninsula Land has been surging ever since the company announced that it will consider raising funds at its meeting scheduled on Friday.
Punters are now speculating that the company may go for a private placement at a significant premium to Tuesday’s closing price of Rs 571.80. The stock has risen close to 10% in the past week. Many brokerages are bullish on the prospects of the stock as the company sees its core strength in development rather than land bank creation, and follows an asset-light structure.
Peninsula Land was among the first to use old textile mill land to enter the property-development business. The company is also reported to have acquired 40 acres in Hyderabad from Rallis India through a stiff bidding process.
Punters are now speculating that the company may go for a private placement at a significant premium to Tuesday’s closing price of Rs 571.80. The stock has risen close to 10% in the past week. Many brokerages are bullish on the prospects of the stock as the company sees its core strength in development rather than land bank creation, and follows an asset-light structure.
Peninsula Land was among the first to use old textile mill land to enter the property-development business. The company is also reported to have acquired 40 acres in Hyderabad from Rallis India through a stiff bidding process.
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