Rashtriya Chemicals stock jumps over 9% on cabinet nod to land transfer

Shares of Rashtriya Chemicals and Fertilizers (RCF) Friday jumped 9 per cent after the cabinet gave nod to transfer the state-run firm's land to Mumbai Metropolitan Regional Development Authority (MMRDA).

During the morning trade, RCF had jumped over 17 per cent.

On the BSE, RCF settled for the day at Rs 73.95, up 9.15 per cent from the previous close. The stock had opened on a bullish note at Rs 78.55, then jumped 17.85 per cent to an intra-day high of Rs 79.85.

Similar trend was seen on the NSE, where the shares rose 9.20 per cent to end the day at Rs 74.15. After opening at Rs 79.25, the stock surged 17.23 per cent to touch a high of Rs 79.60 for the day.

On the volume front, 16.13 lakh shares were traded on the BSE and 1.01 crore changed hands on the NSE.

Following an uptick in the counter, RCF's market capitalisation surged by Rs 342.05 crore to Rs 4,079.73 crore.

The cabinet Wednesday gave ex-post facto approval for transfer of land of RCF to MMRDA.

MMRDA had acquired 48,849.74 square metre land of RCF and completed the construction of the Eastern Free Way-AnikPanjrapol Link Road (APLR), opened for public use in 2014.

In a statement, the government said the cabinet has given ex-post facto approval for transfer of RCF's land to MMRDA and also to a proposal for transfer of the firm's land to Municipal Corporation of Greater Mumbai (MCGM).