Oberoi Realty jumps after favourable court ruling

Oberoi Realty jumped 4.77% to Rs 209.80 at 11:27 IST on BSE after Supreme Court on Thursday, 30 January 2014, dismissed the previous Bombay High Court order that restricted several acres of forest land in suburban Mumbai for development.

The company made the announcement after market hours on Thursday, 30 January 2014.

Meanwhile, the BSE Sensex was up 4.04 points, or 0.02%, to 20,502.29.

On BSE, so far 1.02 lakh shares were traded in the counter, compared with an average volume of 8,663 shares in the past one quarter.

The stock hit a high of Rs 230 and a low of Rs 208.30 so far during the day. The stock hit a 52-week high of Rs 297 on 19 February 2013. The stock hit a record low of Rs 154 on 4 September 2013.

The stock had underperformed the market over the past one month till 30 January 2014, sliding 12.61% compared with the Sensex's 3.05% fall. The scrip had, however, outperformed the market in past one quarter, rising 7.95% as against Sensex's 2.55% fall.

The mid-cap company has an equity capital of Rs 328.23 crore. Face value per share is Rs 10.

Oberoi Realty said that certain properties of its wholly-owned subsidiary, Oberoi Constructions (OCL), situated in village Nahur and village Mulund were declared as private forest. OCL had challenged decision by a writ petition in Bombay High Court against the State of Maharashtra and others. This writ petition was dismissed by the Bombay High Court vide an order dated 24 March 2008.

OCL later filed a special leave petition before the Supreme Court challenging the said order of the Bombay High Court.

The Supreme Court in the said Special Leave Petition on Thursday, 30 January 2014, pronounced a judgement setting aside the said order of the Bombay High Court, Oberoi Realty said in a statement.

Oberoi Realty's consolidated net profit fell 48.4% to Rs 64.14 crore on 27.7% decline in net sales to Rs 185.50 crore in Q2 September 2013 over Q2 September 2012. The company unveils Q3 results on 1 February 2014.

Oberoi Realty is a real estate developer headquartered in Mumbai.

Powered by Capital Market - Live News