Markets

GKW spurts on land sale hopes

Our Bureau Kolkata | Updated on January 24, 2018 Published on January 07, 2015

NSE-listed GKW has seen a sudden spurt in its stock prices this month so far. The ₹10 stock, which was quoting at ₹480 on December 30, closed at ₹837, on Wednesday. Hopes of revenue the company may get on sale of 36 acres of unutilised land at Bhandup in Mumbai might have triggered interest for the stock.

According to its Directors’ Report, GKW “proposed to expand this business segment substantially, which would generate revenues to offset and surpass the revenues generated by the existing business models of the company.” The metal pressing division of the company, which employed 56 people, has not been doing well in the recent past.

“If sold, the unutilised land could fetch the ₹25-crore revenue to the firm — significantly higher one-time cash flow,” said an analyst with a broking firm.

Published on January 07, 2015
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