Bombay Dyeing Shares Jump Over 10% After Settling Land Dispute With Axis Bank

Shares of Bombay Dyeing & Manufacturing Co. surged over 10% on Tuesday after settling its dispute with Axis Bank.

The company executed a conveyance deed on Sept. 4 in favour of Axis Bank, effecting the transfer of land admeasuring 11,541 square meter, according to an exchange filing on Monday.

This will enable independent and exclusive access to the bank’s headquarters for an approximate sum of Rs 149 crore, it said.

Shares of the company surged 9.46% to Rs 148.70 per share as of 11:32 a.m., compared with a 0.25% advance in the NSE Nifty 50. It rose as much as 10.42% to Rs 10.42% per share, the most since July 5.

The stock has risen 87.63% on a year-to-date basis .The total traded volume stood at 4.4 times its 30-day average. The relative strength index was at 72, indicating stock may be overbought.