D B Realty surged 18.75% to Rs 69.35 at 14:44 IST on BSE after the company said it has received favourable ruling from Bombay High Court with respect to various residential projects.
The announcement was made during market hours today, 31 December 2014.
Meanwhile, the S&P BSE Sensex was up 90.68 points or 0.33% at 27,494.22.
The stock spurted on heavy volumes. On BSE, so far 10.26 lakh shares were traded in the counter as against average daily volume of 1.71 lakh shares in the past two weeks.
The stock hit a high of Rs 70.05 and a low of Rs 58.15 so far during the day.
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D B Realty said that Turf Estate JV, in which the company holds controlling stake submitted its plan for a residential project involving development of land admeasuring 22,618 sq meters opposite the Mahalaxmi Race Course, Mumbai pursuant to Bombay High Court's direction to MCGM to process the plans submitted by Turf Estate JV in accordance with the law without applying the notification dated 4 December 2013. The proposed residential project at Mumbai offers substantial revenue potential for the company, D B Realty said.
Also, D B Realty said that Bombay High Court directed Maharashtra Coastal Zone Management Authority (MCZMA) to issue clearance certificate to Marine Drive Hospitality & Realty (MDHRPL), a company in which D B Realty has interest. MDHRPL is proposing to develop the property as a mixed use residential development. The project will have substantial revenue potential for the company including the benefit of all the present provisions of Development Control Regulations, 1991, D B Realty said.
D B Realty's consolidated net profit spurted 1598.3% to Rs 10.02 crore on 8.1% decline in net sales to Rs 79.97 crore in Q2 September 2014 over Q2 September 2013.
D B Realty is a real estate developer in India.
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