DB Realty shares hit 5% upper circuit on favourable ruling from SC

Shares of DB Realty hit the 5 per cent upper circuit on Wednesday as the company informed the stock exchanges that the firm has won the title of a land owned by it in Mumbai.

The matter which was in front of the Supreme Court was cleared by the apex court on Monday in favour of the realty developer.

The court, in its order, allowed the subsidiary of the company -- Esteem Properties to develop this land in Mumbai.

"Pursuant to the above decision of the Hon. Supreme Court, freehold vacant land admeasuring approx. 22,000 Sq. mts., situated in a commercial zone is now available to Esteem for development," the company said in a regulatory filing on Monday.

"The Company intends to develop the subject land into a 2.00 million sq feet (leasable area) grade A office space in the next 3 years."

At 12.25 p.m., the shares were locked in at the upper circuit with a share price of Rs 99.65.

--IANS

ad/dpb