Peninsula Land surges on signing development agreement for property in Mumbai

The 19-acre property at Sewree will be developed for residential purpose

Peninsula Land has surged over 7% at Rs 53.75 in morning trades, after the company said it has entered into an agreement with HEM Bhattad to develop property in Central Mumbai.

“This property measuring approximately 19 acres is located at Sewree and will be developed or residential purpose,” Peninsula Land said in a filing.

The stock opened at Rs 52 and touched high of Rs 54.90 on the BSE. A combined 194,713 shares have already changed hands on the counter against an average sub 350,000 shares that were traded daily in past ten trading sessions on the BSE and NSE.