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Empire Industries on Monday again hit the 5 per cent upper circuit at Rs 478 as more demand for the stock emerged even though supply continued to be limited. It has recently clarified that the proposal about the construction project for a commercial building phase-1 having approximately 1,77,500 sq ft office space in vacant plot of the company at Vikhroli, would cost around Rs 25 crore.

It further stated it would be financed by internal resources and term loans from banks. Business Line had earlier reported that the current interest in the counter was for the proposed real estate development. Real estate valuers insist that the Vikroli and the other project may add significant premium to the market price of the stock.

Jayanta Mallick

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