Nila Infra up 8%, gets order from Ahmedabad Municipal Corp

Moneycontrol BureauShares of Nila Infrastructures rose 8.3 percent intraday Monday post the company has received an order from Ahmedabad Municipal Corporation.The order is for integrated slum-in-situ development for PPP project of approximate 518 residential units at Ahmadabad under Urban development and urban housing department, government of Gujarat's slum rehabilitation and redevelopment policy-2013. As a remuneration, the company will get vacant land worth Rs 27.50 crore and the transferable development rights (TDR) of Rs 13.50 crore. Manoj Vadodaris, CMD of Nila Infra said, "With this PPP order the company joins select league of the leading real estate developers. Further with this work order, Nila will be executing a unique PPP project of slum rehabilitations and redevelopment with better profitability margin"At 11:47 hrs Nila Infrastructures was quoting at Rs 11.91, up Rs 0.41, or 3.57 percent on the BSE.Posted by Rakesh Patil