Kolte-Patil Developers shares jumped on Wednesday after it has acquired a 30 acre land parcel at Kondhwa in Pune along with ASK Real Estate Special Opportunities Fund for Rs 1.6 billion. The company will develop a residential housing project on the said land parcel.

This land parcel is located within Pune city limits, in the prime Katraj-Kondhwa area of South Pune. The project has excellent connectivity from the Mumbai - Bangalore Highway (NH4) and the Pune -Solapur Highway (NH9) while being in close proximity to key business areas and several prestigious educational institutions. Further adding to the attractiveness of the location is its vicinity to several religious establishments like ISKCON, Baneshwar temple, Jain temple and Balaji temple.

Shares of the company are trading at Rs 100.50, up Rs 1.95, or 1.98%  at the Bombay Stock Exchange (BSE) on Wednesday at 10:27 a.m. The scrip has touched an intra-day high of Rs 102.80 and low of Rs 99.60. The total volume of shares traded at the BSE is 48,596.

In the earlier session, the shares lost 4.55%, or Rs 4.7, at Rs 98.55.Currently, the stock is trading down  7.8% from its 52-week high of Rs 109.00  and above 103.44% over the 52-week low of Rs 49.40.