Oberoi Realty gains on hopes of Mumbai land buy

Reuters Market Eye - Shares in Oberoi Realty gain as much as 17.6 percent after the real estate developer emerged as the highest bidder for an industrial land parcel being sold by Tata Steel Ltd with a final bid of 11.55 billion rupees.

The land purchase could be a boost to Oberoi's profit margins should the real estate developer prevail in the auction, analysts say.

Kotak Institutional Equities estimates Oberoi can start monetising the acquired land from fiscal 2016, calling the deal "value-accretive."

(Reporting by Abhishek Vishnoi)