Prestige Estates jumps up

Prestige Estates opened today on a positive note at Rs.304, a gain of almost 5%, which is also its intraday high. Its 52-week high is at Rs.326.25.

Yesterday after market hours, the company announced that it has acquired, through its wholly owned subsidiary, a 28.99% stake in a DB (BKC) Realtors.

Only the stake size was revealed, there was no mention of the value of the deal.

This comes on the back of the JV it announced last month with the DB group to develop a large hotel and convention centre project at Aero City in the national capital with an investment of Rs 2,000 crore.