Shares of DB Realty ended with nearly 7 per cent gains today after the company said it has joined hands with ECC and Konark to develop a residential project in Andheri.
After surging 9.76 per cent to Rs 66.90 in intra-day trade at the BSE, shares of the realty firm finally ended at Rs 64.80, up 6.32 per cent from its previous closing price.
On the NSE, it went up by 6.65 per cent to Rs 64.95.
The company's market value rose by Rs 94.32 crore to Rs 1,576.32 crore.
In terms of volume, 2.74 lakh shares of the company changed hands at the BSE and over 11 lakh shares were traded at the NSE during the day.
Real estate firm DB Realty yesterday said it has joined hands with ECC and Konark to develop a residential project in Andheri in suburban.
"ECC-DB-Konark joint venture is developing a residential project -- 'DB Skypark' near Terminal 2 of International airport in Andheri," DB Realty had said in a filing to the BSE yesterday.
DB Realty will have a 75 per cent share in the project, the company said. The JV will develop seven towers of 12 storey each with a total built up area of 4.7 lakh sq ft.
"The project has achieved financial closure and the work has commenced for the first phase. The entire project is expected to be completed in three years," it added.
It further said the project was a "positive development" as it offers substantial cash flow potential for the company in the near term.
In the stock market, the BSE benchmark Sensex ended at 27,316.17, up 200.34 points.
