Mukand hits the roof on completing transfer of leasehold land in Thane

Mukand hit an upper circuit of 20% to Rs 69.35 after the company said it completed the transfer of leasehold land in Thane to NTT Global Data Centers NAV2 and received an aggregate consideration of Rs 679.25 crore.

Mukand said it will utilise the funds received from the sale of land for repaying its debt.

In December 2020, Mukand informed that it sold the land admeasuring 2,19,938 sq. mtrs. (approx. 54.34 acres), together with the structures, situated at Trans Thane Creek Industrial Area (TTC Industrial Area), Dighe and Navi Mumbai, Taluka, sub-district and district Thane for a lumpsum consideration of Rs 679.25 crore to NTT Global Data Centers NAV2.

Mukand is engaged in manufacture of alloy and stainless-steel long products.

On the technical front, the stock's RSI (relative strength index) stood at 71.720. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 62.28 and its 200-day moving average (DMA) placed at 46.11.

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