Shares of Housing Development and Infrastructure Ltd today gained 1.8 per cent as the company has commenced handing over 1,336 tenements that have been built for the rehabilitation of slum dwellers to the Municipal Corporation of Greater Mumbai.
According to Goldman Sachs, generation of transferable development rights will open another avenue of cash generation for the company.
The investment bank now incorporates sale of 1 million sq ft, based on total TDR generation ability, over FY16 and FY17.
Goldman Sachs has maintained “neutral’’ rating but has raised the target to Rs 128 a share from Rs 118 earlier.
The stock trades at 0.4x of its book value vs 1.7x of its rivals, according to Thomson Reuters Eikon data.