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Nirlon on Thrusday hit upper circuit of five per cent at Rs 36 with a recorded volume of 6.26 lakh shares on the BSE against its two-week average of 1.64 lakh shares.

Going by Dalal Street talk, it seems that Nirlon has obtained all necessary approvals and has reached a stage of the beginning of construction work for the development of an IT Park at the company's Goregaon location, of about 40 acres of land and also booking of space at it by intending purchaser/leaseholder. The company is said to be developing the property on its own, while contractors would execute the civil work.

According to top real estate valuers of Mumbai, the property could fetch a net valuation of around Rs 1,400 crore. This translated into additional valuation comes to around Rs 150 per share, punters said. Incidentally, the proposed sale of approximately 50 acres of MIDC land at Tarapur, which is under litigation at present, is another potential trigger for the stock in future.

Jayanta Mallick

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