Oberoi Realty leaps on favourable court verdict

Stock surges over 6%

Oberoi Realty surged over 6% to Rs 212.50 after the company announced yesterday that the Supreme Court dismissed a lower court judgement that had declared as private forest certain properties that a unit of the real estate developer wanted to develop.

Following this order, the company can develop the land in the western state of Maharashtra.

The stock opened at Rs 210.25 and hit a high of Rs 230. A combined six lakh shares changed hands on the BSE and NSE till 1042 hrs.