DB Realty builds strong
DB Realty is strong into the green today morning. Currently 7.5% higher at Rs.65.50, the intra day high is at Rs.66.90. Volumes are also pretty robust at 1.81 lakh shares getting traded in the morning trade compared to 56,00 shares over two-week average.
The stock is up, reacting to the news it announced yesterday after market hours. The company stated that it has signed a JV agreement with ECC Konark to develop residential project in Mumbai – DB Skypark near Terminal 2 of international airport in Andheri. In this JV, DB will have 75% stake.
The project will have 7 wings of 12 storied buildings, spread across 4.7 lakh square feet. It has already received the commencement certificate on 16th June’15. It has achieved financial closure and Phase I work has begun. The company expects to start delivering the projects by 2018.
The market is naturally happy with this development as this project will start the much needed cash flow in a couple of months from now.