DB Realty continues to rise

DB Realty is on the run today, opening higher at Rs.83.10, going to breach the cupper circuit at Rs.87.25, with a 2.3 times surge in volumes. The stock remains firmly in the green, up over 8%.

The stock continues to react to the news of its FSI increase. Neelkamal Realtors and Towers, a subsidiary of DB Realty, is developing a project known as “DB Orchard Heights” at Mahalakshmi in Mumbai. This project received approval from the Govt of Maharashtra for development of 3.0 FSI from the earlier 2.5 FSI. The increase in FSI offers substantial positive development for the company and the project offers substantial revenue potential for the company. The project is one of the large projects of the company and the approval represents a significant positive event for the company.