GEE hits 10% upper circuit on signing development agreement for Thane land

GEE Ltd shares hit a 10 per cent upper circuit on the BSE, at ₹93.34 per share. The buying on the counter came after the company signed a development agreement for the transfer of development rights of its leasehold land situated in Thane, Maharashtra.

 

At 10:14 AM, GEE’s share price was trading 7.9 per cent higher at ₹91.6 per share on BSE. In comparison, the BSE Sensex was up 0.16 per cent at 85,040.34.

 

“GEE Limited, one of India’s leading manufacturers in the welding consumables industry, today announced that it has entered into a Development Agreement for the transfer of development rights of its leasehold land situated at Wagle Industrial Estate, Thane, Maharashtra, India,” the filing read. 

 

The development pertains to a land parcel measuring 13,391 sq. mtrs., earmarked for a modern commercial development. Under the arrangement, GEE expects to receive approximately 2,90,000 sq. ft. of RERA-registered constructed area as its share with revenue potential of upwards of ₹400 crore during the lifecycle of the project.  ALSO READ | Ceigall India share price rises 3% on winning this deal from REC Power Development 

The agreement has been executed among GEE and  land owner Fen-kin Infinity LLP. 

 

“This development unlocks value from our land asset in Thane. The planned commercial development is expected to generate revenue exceeding Rs. 400 crores over its lifecycle, meaningfully enhancing long-term value creation for our stakeholders. The manufacturing facility at the existing location will be shifted to Bhiwandi-Kalyan, where the company’s other manufacturing setup is also present,” said Umesh Agarwal, managing director, GEE Ltd. 

 

That apart, in Q2, the company posted a net profit of ₹4.2 crore, as compared to ₹1.91 crore a year ago. The revenue from operations stood at ₹85.45 crore, as compared to ₹82.83 crore a year ago. 

 

The total expenses of the company stood at ₹79.86 crore, as compared to ₹80.52 crore year-on-year (Y-o-Y). 

 

GEE Limited is one of India’s leading companies in the welding consumables industry. Known for its innovative products, strong technical expertise, and extensive portfolio, GEE has built a reputation as a trusted and leading brand in the welding sector. The company has manufacturing facilities located at Maharashtra and West Bengal.