Bharat Bijlee gains after partial land sale to MIDC

Bharat Bijlee rose 1.95% to Rs 1,404.95 at 9:27 IST on BSE after the company said it sold a small part of its factory land situated at Navi Mumbai to MIDC for Rs 46.79 crore.

The announcement was made after market hours yesterday, 15 January 2018.

Meanwhile, the S&P BSE Sensex was up 51.23 points, or 0.15% to 34,894.74.

On the BSE, 184 shares were traded in the counter so far, compared with average daily volumes of 9,839 shares in the past two weeks. The stock had hit a high of Rs 1,410 and a low of Rs 1,396.85 so far during the day.

The stock hit a 52-week high of Rs 1,498.70 on 22 June 2017. The stock hit a 52-week low of Rs 805 on 9 March 2017.

Pending execution of an agreement, MIDC, the lessor has paid to Bharat Bijlee, the lessee a sum of Rs 46.79 crore, subject to tax, towards cost of acquisition of a small part of its factory land situated at Airoli, Navi Mumbai. The proposed acquisition is for Airoli to Katai Naka elevated road project, the company said in a statement.

Net profit of Bharat Bijlee fell 3.2% to Rs 6.34 crore on 19.7% rise in net sales to Rs 175.12 crore in Q2 September 2017 over Q2 September 2016.

Bharat Bijlee is one of the leading electrical engineering companies in India. The company's main business segments are transformers, projects, electric motors, elevator systems and drives & automation.

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