Dunlop India Ltd (DIL) has soared in a weak market on the news that it has put its real estate assets on the block to raise money. The stock is quoting at Rs 14, stronger by 4%, on the BSE.
A senior official close to the development said, "Dunlop is looking to sell off its land parcels across the country, which would generate good value. The first property it has put on sale is the one-acre land parcel in Worli, Mumbai. It is in a very prime location and the company is looking to raise anywhere between Rs 300 and Rs 350 crore."
Dunlop India is a Kolkata-based tyre manufacturing company controlled by Pawan Kumar Ruia.
A total of 9.38 lakh shares were traded on the BSE as against the two-week average of 5.21 lakh shares.
