GOCL Corp surges on selling 44.25 acres land in Hyderabad

GOCL Corporation soared 12.32% to Rs 282.20 after the company entered into an agreement for selling its 44.25-acre land Hyderabad for for a consideration of Rs 451.79 crore.

Pursuant to the approval of the board of directors, GOCL Corporation has entered into an agreement dated 27 August 2021 with Squarespace Infra City for sale of 44.25 acre land at Kukatpally, Hyderabad, subject to requisite approvals, for a consideration of Rs 451.79 crore.

The company has received a payment of 10% of the consideration on execution of an agreement. The transaction is expected to be completed in 3 to 6 months time.

The remaining land of about 32.09 acres will continue under the joint development agreement (JDA) with Hinduja Estates (HEPL) for development based on approvals. In 2021, the company had entered into a JDA with HEPL for 76.34 acres land in Kukatpally.

GOCL Corporation's consolidated net profit jumped 30.3% to Rs 23.62 crore on 34.4% surge in net sales to Rs 141.78 crore in Q1 June 2021 over Q1 June 2020.

GOCL Corporation has diversified business interests. The current business activities of the company are in energetics, mining & infrastructure services, and property development.

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