Shares of GOCL Corp. jumped over 19% as it signed a memorandum of understanding with Squarespace Builders Pvt. to monetise land in Hyderabad.
The monetisation of 264.5 acres in Kukatpally will happen over a period of 18 months in tranches. The total consideration for the entire land is likely to be Rs 3,402 crore, according to an exchange filing.
The company will receive payment of Rs 520 crore upon signing the MoU, of which Rs 160 crore will come from the sale of 12.5 acres under the JDA. The balance GOCL will retain as advance for future payment purpose.
On the NSE, GOCL's stock jumped as much 19.57% during the day to Rs 453 apiece, the highest since March 11. It was trading 12.59% higher at Rs 426.55 per share, compared to 0.83% advance in the benchmark Nifty 50 as of 10:09 a.m.
The share price has risen 51.37% in the last 12 months. The total traded volume so far in the day stood at 37 times its 30-day average. The relative strength index was at 48.71.
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