Kolte-Patil Developers rises on heavy volumes, surges 109% in two months

Kolte-Patil Developers has rallied over 17% at Rs 121, extending its Friday’s 15% surge on back of heavy volumes after the Union Cabinet on Thursday cleared the Land Acquisition Bill.

A combined 5.41 million shares have already changed hands on the counter in early noon deals against an average around one million shares that were traded daily.

The stock of Pune-based real estate Company, which trading at its historic high, has rallied 109% in past two-months as compared to less than 5% rise in BSE-500 index.

The bill makes it mandatory for developers to gain consent of 80% of people whose land is taken for private projects and 70% of people whose land is taken for public-private projects before they can force the remaining holdouts to sell.

Meanwhile, the company had reported 122% year-on-year jump in net profit at Rs 31.9 crore on back of over three-fold surge in revenues at Rs 292 crore for the first half (April-September) of current fiscal.