Stocks

Parsvnath Developers surges over 6%

PTI Mumbai | Updated on March 16, 2011

Shares of Parsvnath Developers surged by over 8 per cent in the morning trade on the BSE today amid media reports that the company plans to pay about Rs 340 crore to Rail Land Development Authority for the land deal that it clinched late last year.

The scrip of the realty player shot up by 8.39 per cent to Rs 36.80 on the Bombay Stock Exchange. In a similar fashion, the stock zoomed by 8.24 per cent to a month high at Rs 36.75 on the National Stock Exchange.

On the volume front, over 23 lakh shares of the company were traded on the two bourses within the first two hours of trade.

During the noon session, the scrip was trading up by 6.19 per cent at Rs 36.05 on both the BSE and NSE.

The company has achieved financial closure for the amount and intends to hand over the payment next week, the report said.

Published on March 16, 2011

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