Premier chugs along into green

Premier is doing well today morning, clocking volumes of 31,000 shares compared to 14,000 shares over the past two weeks average. The stock is currently up 5% at Rs.78.80, its intra day high point.

The stock zoomed up after the company announced that Indian Railways, in the process of compulsory acquisition has acquired about 26 acres of the company’s land at Dombivli for the Dedicated Freight Corridor project being implemented by it. The total amount expected to be received as compensation for such acquisition is about Rs. 100 core of which it has received the first tranche payment of Rs.27 crore.

The company totally owned 68 acres of land, after it had monetized 150 acres in January, 2013.