May 13, 2013, 11.24 AM | Source:

Premier gets first tranche of payment from land sale

Shares of Premier were up in trade after the company said it has received the first tranche of payment from land monetisation in Mumbai.

Premier has received Rs 100 crore from land monetisation in Mumbai. At 10:57 hrs the stock was quoting at Rs 76.30, up Rs 1.30, or 1.73 percent. It has touched an intraday high of Rs 80.00 and an intraday low of Rs 72.80.

As per company's filing to the BSE, "The company currently owns about 68 acres of land at Dombivali after monetization of 150 acres in January, 2013.

Out of the existing 63 acres of land, the Indian Railways are in the process of compulsory acquisition of about 26 acres of land for the Dedicated Freight Corridor project being implemented by it. The total amount expected to be received as compensation for such acquisition is about Rs 100 crore.

In this connection, the Company has informed that, the Company has received the first tranche payment of Rs 27 crore. towards such acquisition." 
It was trading with volumes of 139,827 shares, compared to its five day average of 6,945 shares, an increase of 1,913.46 percent.
In the previous trading session, the share closed up 0.13 percent or Rs 0.10 at Rs 75.00.
The share touched its 52-week high Rs 151.40 and 52-week low Rs 65.15 on 09 January, 2013 and 26 March, 2013, respectively.
Currently, it is trading 49.6 percent below its 52-week high and 17.11 percent above its 52-week low.

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