Oberoi Realty top gainer

Oberoi Realty is the top gainer on the BSE, with the stock opening higher at Rs.210,25, over previous close of Rs.211.30. It hit an intra day high at Rs.230 and volumes are up over 11 times.

The stock is up after the Supreme Court dismissed a lower court judgement and freed up 100 of acres in earlier notified private forest land. This means that the company, which was sitting on this prime property for a long time now will be able to start developing this project. It entails 3.3 million square feet and could bring in sales to the tune of Rs.4000 crore. This is expected to finally bring in some activity and development in the company, which for some time now has been sitting mute, waiting for this clearance to come in.