Hemisphere Prop surges 9%

With a 2x times surge in volumes, Hemisphere Properties rose almost 9% to hit an intraday high at Rs.119.90, with 52-week high at Rs.167.40.

The news in the company – it has invited Expression of Interest for Farm House Plots on land parcel of Company located in Chattarpur, New Delhi.

This company was formed as part of the disinvestment exercise carried out by the Government of India in respect of its holdings in the erstwhile VSNL (currently known as Tata Communications Limited). It is essentially a company which holds the surplus lands which were required to be hived off or demerged into a separate entity. It currently owns 739.69 acres of land. The aim is to develop and or transfer these land parcels profitably, which is why it has been made into a separate profit center.

Currently the Central Govt owns 51.12% stake in the company, Tata Sons has 14.07%, FIIs hold 4.06%, Panatone Finvest (Tata Sons company) owns 7.96%.  A Govt and a Tata company – interesting combination!