DIC India in the green

DIC India, which had closed yesterday at Rs.310, opened higher at Rs.349 and went on to an intraday high at Rs.360.30. Its 20% UC for the day is at Rs.372.

The stock is up on news that it has received the first tranche of Rs 102.5 crore from Godrej Properties after registration of land at Chandivali in Mumbai.

DIC did an outright sale on as is where is and as is what is basis for Rs.153 crore.

The second tranche is for Rs.17.5 Crores (secured by Irrevocable and unconditional BG on Demand), to be paid within 18 months of registration. Interest at 6% is payable on this amount, from registration till payment thereof.

Additionally, the third tranche is Rs.33 crore is contingent on achieving certain milestones with respect to height clearance, to be obtained by the buyer, from appropriate authorities.