Marathon Nextgen close to a high

Marathon Nextgen Realty is doing very well today; from its close yesterday at Rs.243.40, it opened today at Rs.255 and rose to an intraday high at Rs.274.95, just a tad short from its 52-week high of Rs.275.

The stock price was up after the company reported that it recently concluded a deal with Central Depository Services (India), for an office space measuring over 46000 sqft carpet area on the 34th and 35th floors of their Marathon Futurex tower in Lower Parel for Rs. 163.16 crore.

Earlier this year Kansai Nerolac acquired 23500 sqft at Futurex in a deal worth Rs. 85 crore and filmmaker Rakesh Roshan's firm FilmKraft purchased 10000 sqft at Futurex in a deal worth Rs. 33 crore.

The project recently received the Occupation Certificate for floors 31 to 35, with the tower set to top out at 38 storeys, making it one of the tallest commercial towers in the country.

On the back of improved sentiments, Marathon has also launched a commercial tower in Mulund called Marathon Milennium and also has plans for a commercial tower at Byculla in a JV with Adani Realty.