Oberoi Realty jumped 11.22% to Rs 221 at 9:35 IST on BSE after the company said it was declared the highest bidder at the auction of about 25 acres of land parcel owned by Tata Steel in Borivali, Mumbai.
The company made the announcement after market hours on Tuesday, 25 March 2014.
Meanwhile, the BSE Sensex was up 78.09 points, or 0.35%, to 22,133.30.
On BSE, so far 83,000 shares were traded in the counter, compared with an average volume of 11,843 shares in the past one quarter.
The stock hit a high of Rs 234.50 and a low of Rs 204.95 so far during the day. The stock hit a 52-week high of Rs 282.50 on 20 May 2013. The stock hit a record low of Rs 154 on 4 September 2013.
The stock had underperformed the market over the past one month till 25 March 2014, rising 3.87% compared with the Sensex's 5.77% rise. The scrip had also underperformed the market in past one quarter, falling 13.29% as against Sensex's 4.86% rise.
The mid-cap company has an equity capital of Rs 328.23 crore. Face value per share is Rs 10.
Tata Steel had launched the bid-cum-auction process for the sale of its land parcel in Borivali on 18 December 2013 by public advertisements in national dailies. The site measuring roughly 25 acres is located at the junction of Western Express Highway and Dattapada road in Borivali (East), Mumbai and is abutting both these roads. The neighborhood predominantly comprises medium to high-end residential developments.
Tata Steel completed the e-auction process on Monday, 24 March 2014, for the sale of its above land with the participation of several well-known developers. The committee of independent directors appointed for the oversight and governance of the sale process by the Tata Steel board on Tuesday, 25 March 2014, declared Oberoi Realty as the highest bidder of the auction on the basis of their final bid of Rs 1155 crore, after several rounds of bidding.
Oberoi Realty said it is awaiting a detailed communication for the next step in the process. The sale will be concluded after receipt of the requisite approvals, it added.
On a consolidated basis, Oberoi Realty's net profit fell 49.4% to Rs 68.06 crore on 40.7% decline in net sales to Rs 169 crore in Q3 December 2013 over Q3 December 2012.
Oberoi Realty is a real estate developer headquartered in Mumbai.
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