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Empire Industries is seeing appreciation in market valuation once again on realty buzz. The stock on Wednesday closed at 5 per cent upper circuit filter at Rs 229 on the BSE.

According to dealers, the low-equity company is being re-valued for its property in Lower Parel (adjoining Phoenix Mill and Pantaloon's Big Bazzar) in Mumbai as also in Bhandup, where its subsidiary Vitrum Glass' factory is currently located and due for relocation.

According to a back of the envelop estimates doing the rounds on Dalal Street, the total realty value of Empire (sans operational values) could theoretically fetch Rs 1,000 per share at current real estate prices and considering their size and location.

Jayanta Mallick

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