Oberoi Realty jumps 18 pc on buying Tata Steel's Mumbai Land

Shares of Oberoi Realty jumped as much as 18.01 per cent, after the company bought Tata Steel's 25-acre Borivali land parcel for Rs 1,155 crore.
Reacting to the development, shares of Oberoi Realty jumped 18.01 per cent to an intra-day high of Rs 234.50 on the BSE.
After market closing hours yesterday, Tata Steel had said it has sold its 25-acre Borivali land parcel in Mumbai for Rs 1,155 crore to Oberoi Realty through e-auction.
Shares of Tata Steel also gained and had touched an intra-day high of Rs 374.80 on the BSE, 2.20 per cent higher over its previous closing price.

The site measuring roughly 25 acres is located at the junction of Western Express Highway and Dattapada road in Borivali (E), Mumbai, and is abutting both these roads. The neighbourhood predominantly comprises medium to high-end residential developments.
Tata steel had launched the bid-cum-auction process for sale of the land parcel on December 18 last year through public advertisements.