Realty company, Nitest Estates hit the 20% UC today at Rs.6.86, on the back of very heavy volumes of almost 7 times.
A realty company and bringing down debt? The market is pretty happy with this happening in Nitesh and celebrated with a 20% UC.
The company stated on Friday evening that it has followed through its promise made on 23rd Jan of bringing down its debt by an extent of Rs. 700 Crores in next 180 days.
It has managed to reduce its debt by Rs.408 crore from the overall consolidated debt, a reduction of around 30%.
The company needs to desperately bring down its debt as for 9MFY19, its interest outgo was at Rs.114 crore while total revenue was at Rs.89 crore.