 "This smallcap stock jumps 9% as board approves 23 acre land in Tamil Nadu")
Everest Industries shares jumped 8.6 per cent on Friday, logging an intra-day high at ₹673.4 per share on BSE. At 11:24 AM, Everest Industries’ share price was trading 7.92 per cent higher at ₹668.8 per share. In comparison, the BSE Sensex was up 0.17 per cent at 80,214.93.
The market capitalisation of the company stood at ₹1,058.03 crore. The 52-week high of the stock was at ₹1,190.1 per share, and the 52-week low was at ₹421.2.
In one year, Everest Industries' shares have lost 45 per cent, as compared to Sensex’s decline of 2.5 per cent.
Why were Everest Industries shares in demand?
The northward movement in the stock came after the company’s board approved the sale of land admeasuring 23.32 acres situated at Kurichi Village, Podanur, Coimbatore, Tamil Nadu to G Square Realtors Private Limited.
“The proposed sale will not have any impact on the business operations of the company,” according to the filing.
A binding term sheet has been signed between the company and buyer on August 28, 2025, pursuant to the approval of the board, according to the filing.
The execution of the sale deed is expected to be completed within four months from the date of execution of the Term Sheet or 3 months from the date of receipt of Environmental Clearence, whichever is later. Further, the timelines can be extended by the Parties before the expiry of the term based on mutual consent.
The total consideration for the sale of land is around ₹133 crore, payable in 3 tranches. Of the total, the company has received the first tranche of ₹7 crore on the signing of the term sheet, i.e., on August 28, 2025. The second tranche of ₹8 crores is payable on receipt of Environmental Clearence Amendment. The balance consideration of ₹118 crore shall be payable on the execution of the Sale Deed.
Everest Industries is a building material manufacturer, specialising in the construction industry, supplying high-quality building solutions to architects, designers, and engineers. The company delivers customised construction solutions. Its portfolio encompasses roofing, ceiling, wall, flooring, and cladding solutions, catering to the industrial, commercial, and residential sectors.