KEC International spurts on land sale
By
Research Desk
about 10 years ago
KEC International is doing pretty well morning, reacting positively to its land sale announced yesterday. The stock is currently up 2.25% at Rs.97.60 with an intra day high at Rs.101.05.
The company had entered into an Agreement for Sale of its freehold land admeasuring more than 7.3 acres situated at Pokhran Road , Thane in the State of Maharashtra. It has executed a Sale Deed with Ardent Properties (Ardent), a 100% subsidiary of Tata Housing Development Company and has completed all the formalities of said sale. Further the company has also received full consideration of Rs. 212.35 crore from Ardent. This money is sure to reflect in the Q3 numbers and such a good one-off addition will most certainly spike up the bottomline.