Mafatlal Industries stock jumps over 8 pc on land sale buzz

Buoyed by the reports,shares of the company jumped by 8.15 per cent.

Textile major Mafatlal Industries on Friday surged by over 8 per cent on the BSE amid media reports that Piramal Realty and Sunteck Realty are close to buy the company’s plot in central Mumbai for Rs 750 crore.

Buoyed by the reports,shares of the company jumped by 8.15 per cent to close the day at Rs 217.65 on the Bombay Stock Exchange (BSE). In intra-day trade,the counter zoomed up by 16.47 per cent to a high of Rs 234.40.

According to media reports,Piramal Realty,owned by Piramal Healthcare Chairman Ajay Piramal,and Mumbai-based Sunteck Realty are close to sign a deal to buy Mafatlal Industries’ seven-acre plot in Mumbai for Rs 750 crore.

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In a clarification to the reports,Mafatlal in a regulatory filing to the BSE said,”The company is at an advanced stage of negotiations with some of the prospective purchasers. However,no deal has been signed as yet.”

Also Piramal Healthcare has issued a clarification to the stock exchange,saying,”The reports does not pertain at all to the company. The company is not buying any land from Mafatlal Industries.”

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