DB Realty shares soar over 11%

Shares of DB Realty today surged over 11 per cent after the company said it will form a joint venture with Radius group to develop a housing project here with an estimated sales revenue of Rs 3,500 crore.
The stock jumped 11.21 per cent to settle at Rs 69.95 on BSE. During the day, it surged 16.53 per cent to Rs 73.30.
At NSE, shares of the company soared 11.26 per cent to end at Rs 70.10.
The company's market valuation rose by Rs 171.6 crore to Rs 1,701.60 crore.
DB Realty said that its subsidiary MIG (Bandra) Realtors and Builders is "proposing to enter into a joint venture agreement with Vishwaroop Estates and Developers (part of Radius Group, a Sanjay Chhabria venture)" for the development of a project at Bandra in Mumbai.

Radius group is also into real estate business based out of Mumbai.
"...Both the parties would make investments to meet certain agreed cost lines and share the free sale area in the agreed ratio. The project will be co-branded," DB Realty said in a BSE filing.
"The revenue from the project on completion is expected to be around Rs 3,500 crore," it added.