Prestige Estate rallies 5% on land deal; Siemens hits 52-week high

NEW DELHI: Prestige Estate Projects Ltd rallied as much as 4.98 per cent in trade on Friday, after the builder bought 8-acre prime plot in south Bangalore from engineering and electronics conglomerate Siemens for Rs 345 crore.

At 09:25 a.m.; Prestige Estate was trading 4.7 per cent higher at Rs 254.30. It hit a low of Rs 245.25 and a high of Rs 255 in trade today.

In the opening trade Siemens rose a little over 2 per cent to hit its fresh 52-week high of Rs 1010. The stock pared some of the morning gains and was trading 0.5 per cent higher at Rs 993.55.

The Bangalore-based builder entered into an agreement with Siemens on Thursday and has already paid an advance and registered the property on Koramangala Raod, a residential hub for the city's IT professionals, ET reported.

An official announcement is expected later this week, two persons with direct knowledge of the deal told ET.

As per the report, Siemens had been planning to sell land parcel across major cities like Mumbai, Bangalore and Pune as part of its value optimization strategy.

Prestige Estates Projects has 59.47 million sq. ft of projects under development across residential, commercial, hospitality and retail.