 "Thane land deal raises Oberoi Realty's prospects")
On a day the markets fell for the second consecutive session, Mumbai-based Oberoi Realty was up three per cent after the company acquired a 60-acre land parcel in Thane (total saleable area of 8.3 million square feet) for Rs 550 crore from GlaxoSmithKline Pharma. The pharma multinational’s stock ended flat.
The reason for investors' interest in Oberoi Realty is the steep discount of the deal and growth visibility it gets with the acquisition. The latest deal values the per acre price at under Rs 9.3 crore, while the circle rate and recent transactions peg it closer to Rs 30 crore.
