Orbit Corp: Deal push

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The stock hit an all-time high of Rs 526.80, appreciating 28 per cent in the last two days after the company entered into a Rs 360-crore deal with Sajjan Jindal-promoted JSW Steel to build a 35-storeyed office in Mumbai. According to the deal, Orbit Corporation will construct the building and hand it over to JSW Steel.

The stock moved from Rs 393.60 on August 8, 2007, to Rs 503.95 on August 10 on the Bombay Stock Exchange (BSE). The combined volume on the BSE and the National Stock Exchange (NSE) has almost doubled with 5.12 crore equity shares changing hands last week against 2.63 crore shares traded previous week. In the last one week, the stock has appreciated by 38 per cent from Rs 366.40 on the BSE.

The Sajjan Jindal Group along with Reliance Retail and Rosy Blue are in the race for the company's 2.5-acre land in Kalina, which the real estate developer acquired from Gujarat Ambuja Cement early this year for Rs 330 crore.

The company will sell the land along with a commercial property, which is being developed on the plot. The company is planning to sell the property at Rs 900 crore (at Rs 25,000 to Rs 30,000 a sq feet).

For the quarter-ended June 30, the company posted Rs 11.93 crore net profit against the total net profit of Rs 7.77 crore reported during 2006-07.