Hotel Leelaventure surges on heavy volumes

Reliance Industries will buy the Hotel Leelaventure's business park in Chennai for Rs 172 crore, report.

Hotel Leelaventure has surged over 5% to Rs 30.90 on back of heavy volumes on reports that Reliance Industries (RIL) will buy the company’s business park in Chennai for Rs 172 crore.

The stock opened at Rs 30.65 and touched high of Rs 31.90 on the NSE. A combined 967,102 shares have already changed hands on the counter till early noon deals against an average around 130,000 shares that were traded daily in past two weeks.

“Mukesh Ambani-led RIL is buying Hotel Leelaventure’s business park in Chennai to house its headquarters for its much-awaited 4G operations,” the Financial Express report suggests.