DIC India zooms 16% on receiving first tranche of payment for land sale

Shares of Godrej Properties also rose as much as 3.32 per cent on the BSE

Shares of DIC India rose as much as 16.22 per cent to Rs 360.30 on the BSE on Friday after the company said it had received the first tranche of Rs 102.5 crore from Godrej Properties upon registration of land at Mumbai's Chandivali in latter's favour.  

On February 27, 2020, Godrej Properties had informed the exchanges that the company had "entered into an agreement to purchase land in the upcoming & fast developing micro-market of Chandivali, Mumbai."

Spread across about 3 acres, this project will offer 0.45 million square feet of saleable area primarily comprising residential apartments with a small