Nitesh Estates rose 1.38% to Rs 12.50 at 10:10 IST on BSE after the company said that it has settled the dispute in respect of the lease rights of land situated at Chennai.
The announcement was made after market hours on Friday, 6 April 2018.Meanwhile, the S&P BSE Sensex was up 152.44 points or 0.45% at 33,779.41. The S&P BSE Small-Cap index rose 119.76 points or 0.67% at 18,002.75.
On the BSE, 4,600 shares were traded on the counter so far as against the average daily volumes of 34,000 shares in the past two weeks. The stock had hit a high of Rs 12.80 and a low of Rs 12.50 so far during the day. The stock had hit a 52-week high of Rs 23.50 on 12 January 2018 and a 52-week low of Rs 8.40 on 9 August 2017.
The small-cap company has equity capital of Rs 145.83 crore. Face value per share is Rs 10.
Nitesh Estates said that the company has settled the dispute in respect of the lease rights of land situated at Chennai. Under the settlement as decreed through the arbitral award, the company will receive Rs 15 crore, as per the terms of the award.
On a consolidated basis, Nitesh Estates reported net loss of Rs 42.44 crore in Q3 December 2017, compared with net loss of Rs 60.17 crore in Q3 December 2016. Net sales rose 74.39% to Rs 12.12 crore in Q3 December 2017 over Q3 December 2016.
Nitesh Estates, headquartered in Bengaluru, is the real estate arm of the Nitesh Group.
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