Gulf Oil Corporation has soared over 11% to Rs 96 after the company said it has entered into a joint development agreement with Hinduja Estates Private Limited for development of the company’s land at Hyderabad.
“After several discussions, the company has entered into a joint development agreement on July 30, 2012, for development of the 76 acres (approx.) of the company's land at Kukatpally, Hyderabad with Hinduja Estates Pvt. Ltd,” Gulf Oil Corporation said in a filing. The sharing ratio has been agreed at 35:65 based on the recommendations of reputed property consultants, it added.
The stock opened at Rs 87 and hit a high of Rs 96.40 on the National Stock Exchange. A combined 802,933 shares have changed hands on the counter in morning deals, against an average around 300,000 shares that were traded daily in past two weeks.