Assam Company locked in 5% UC

Till yesterday, Assam Company was breaching the lower circuit and today, it breached the 5% upper circuit at Rs.5.18. The 52-week high and low stands at Rs.7.95 and Rs.2.62 respectively.

There is unconfirmed news report that the company is planning to sell its plush bunglow, spread over 3.4 acres or 1,47,659 sq.ft, located in one of the costliest locations in India - Bhagwan Das Road in Lutyens. This is close to India Gate, Supreme Court and high-street shops in Connaught Place.

The market is thrilled that this property sale could fetch the company around Rs.1100 crore and it is be sold through an auction procedure.

The stock exchanges have asked the company for a clarification on the news which is still awaited.

If this sale goes through, the money would be used to retire its debt, which currently stands at around Rs.400 crore.