Share of Emami Realty rose over 8% today after the firm said it would develop a 40-acre township in Kolkata at an estimated project cost of Rs 300 crore.
Emami Realty stock touched an intraday high of Rs 66.6, rising 8.47% against previous close of┬а Rs 61.40 on BSE.
The stock has gained 20.2% in the last 4 days. Emami Realty share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
┬аThe share has gained 31.39% since the beginning of this year and risen 81.94% in one year.
┬аMarket cap of the firm rose to Rs 181.88 crore on BSE.
┬аTotal 0.24 lakh shares changed hands amounting to turnover of Rs 15.72 lakh on BSE.
The company will launch 525 plots for sale in the township project, located at Bhasa, near Joka in Kolkata.
“We are planning to launch a premium bungalow township. We had an old land bank in the city and now we are going to monetise these land banks,” Emami Realty MD and CEO Nitesh Kumar said.
The company has decided to go ahead with the planned launch despite the COVID-19 pandemic, he added.
The total project cost of the township ”Emami Aastha” is estimated to be about Rs 300 crore.
Kumar said the Kolkata property market has remained resilient during the pandemic.
Emami Realty, the real estate arm of Emami group, last year announced an investment of nearly Rs 225 crore to develop a 100-acre integrated township ”Emami Nature” at Jhansi in Uttar Pradesh.
