Britannia jumps 4% on property sale buzz

Shares of Britannia shares jumped 4 percent in morning trade on Wednesday on reports that the company is planning to sell the prime property of Britannia Garden Estate in Bangalore and a 8.5 acre property in Chennai.

"However, due to the economic slowdown, the company is unable to find a suitable buyer. This is part of Wadia's plan to raise funds on Britannia’s books and use the proceeds in launching new products and expand globally," the media report said.

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Angel Broking has a neutral rating on the stock. The brokerage expects Britannia to post a revenue and bottom-line CAGR of around 15.1 percent and 24.4 percent respectively over FY2013-15.

At 12:00 hrs the stock was quoting at Rs 752.00, up Rs 13.70, or 1.86 percent on the BSE.