RCF shares hit upper circuit on real estate foray
Shares of Rashtriya Chemicals and Fertilisers climbed nearly 5 per cent on the company's plans to cash in on the booming real estate market.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Rashtriya Chemicals and Fertilisers climbed nearly 5 per cent on the company's plans to cash in on the booming real estate market.
According to media reports, the company, which owns around 800 acres in and around Mumbai, plans to develop a commercial complex over about 200,000 sq ft, which will be used partially for in-house purposes while the rest will be sold commercially.
The company board has already approved the decision to build the commercial complex - to be tentatively called Priyadarshini II - and has called for a panel of architects for designing the project.
RCF would develop the complex on its own and would not tie up with any developer for the complex that would come up adjacent to the company's existing office building at Chembur. It is the latest of Mumbai-based companies planning to develop surplus, unutilised land available with them to gain from firm land prices.
At 10:33 am, the company's shares hit the upper circuit of Rs 93.05, up 5 per cent from Tuesday's close. RCF shares surged nearly 12 per cent in the last one week on speculation surrounding the property development.
According to media reports, the company, which owns around 800 acres in and around Mumbai, plans to develop a commercial complex over about 200,000 sq ft, which will be used partially for in-house purposes while the rest will be sold commercially.
The company board has already approved the decision to build the commercial complex - to be tentatively called Priyadarshini II - and has called for a panel of architects for designing the project.
RCF would develop the complex on its own and would not tie up with any developer for the complex that would come up adjacent to the company's existing office building at Chembur. It is the latest of Mumbai-based companies planning to develop surplus, unutilised land available with them to gain from firm land prices.
At 10:33 am, the company's shares hit the upper circuit of Rs 93.05, up 5 per cent from Tuesday's close. RCF shares surged nearly 12 per cent in the last one week on speculation surrounding the property development.
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