Indian Hume gets "Dosti" push

Exactly a year ago, on 8th Sept 2014, Indian Hume Pipe had hit a new 52-week low of Rs.241 and today, it rose over 3% high at Rs.343.40. Its 52-week high stands currently at Rs.437.

The stock is up, reacting to the news it announced yesterday that it has signed the Agreement for Development with M/s Dosti Realty Ltd., the Developers in respect of the Company's part of freehold land at Wadala, Mumbai. This is for phase I property admeasuring about 8,442.37 sq.mtrs. (90,873.67 Sq. Ft.) and Agreement for Phase II property admeasuring about 5,627.96 sq. mtrs. (60,579.36 sq. ft.) under Slum Rehabilitation Scheme to be developed by M/s Dosti Realty Ltd., the developers at their costs, expenses and risk.

Financial details of the same have not been divulged but given the price of realty in Mumbai, surely this will add substantially to the kitty of Indian Hume Pipe.