Nitesh Estates hit the 5% upper circuit today at Rs.12.16. Its 52-week high and low stands at Rs.23.50 and Rs.7.60 respectively.

The stock price surged on unconfirmed news that Blackstone is buying an 85% stake in the company’s Pune Mall project. They are said to be acquiring the stake at around Rs.300 crore from Goldman Sachs which held stake in ‘Nitesh Hub’

The company has not really yet spoken about this deal. It only issued a Press statement yesterday evening saying that discussions with investors for Pune Mall was in advanced stage and is expected to conclude by April 30.