DB Realty gained on Thursday after the company said that three of its projects in prime locations of Mahalaxmi, Marine Lines and Bandra (West) in Mumbai, which were stuck for lack of clearances from state government departments, are expected to get approvals soon.
The projects, located in prime areas of Mumbai include Mahalaxmi Race Course residential project being developed by Turf Estate in which DB Realty holds controlling stake, hotel project at Marine Lines being developed by Marine Drive Hospitality & Realty and development of a parcel of land at Bandra Reclamation area by company's wholly owned subsidiary Goregaon Hotel and Realty in 50% partnership with Om Metals consortium.
The company said the Bombay High Court has directed Municipal Corporation of Greater Mumbai (MCGM) and Maharashtra Coastal Zone Management Authority (MCZMA) to issue the clearances for these projects.
The company said that it considers this as a significant event which will have substantial impact on the future earnings of the company.
Shares of the company gained Rs 8.95, or 12.78%, to trade at Rs 79.00. The total volume of shares traded was 1,395,302 at the BSE (12.40 p.m., Thursday).
The scrip has touched an intra-day high of Rs 82.10 and low of Rs 74.40. The total volume of shares traded at the BSE is 1,395,302. In the earlier session, the shares climbed 19.95%, or Rs 11.65, at Rs 70.05.