Golden Tobacco hits upper circuit on property plans

Golden Tobacco closed at its 5% upper circuit at Rs 135. The counter witnessed trades of 53,000 shares at the counter on the BSE.
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(Updated at 1055hrs)

Golden Tobacco has frozen at the upper circuit of 5%, at Rs 135, in an otherwise weak market after announcing that the board will meet on February 16 to consider the development of its properties.

The stock opened at the circuit limit of Rs 135 itself and 41,000 equity shares have changed hands on the BSE counter thus far.

The company already received permission of the shareholders at an extra-ordinary general meeting (EGM) held on January 18, to develop properties at Vile Parle and Marol in Mumbai and sell real estate assets in Hyderabad and Guntur. The company said the move to develop and sell its real estate assets was aimed at unlocking shareholder value.

The company had posted net loss of Rs 10 crore during the first nine months ended December 2009, compared to a net profit of Rs 2 crore in the same period of the previous year.