Wednesday, October 13, 2010

Vijay Shanthi Builders Zooms 20% on New Project Launch

Vijay Shanthi Builders is locked at the 20% upper circuit at Rs 43.50 after the company has signed a Memorandum of Understanding (MoU) for a Rs 70 crore project at Kilpauk located in the heart of Chennai city.

"The real estate company plans to invest around Rs 1,000 crore over the next two years in various residential projects. These include Chennai's costliest premium apartments, where each flat would cost around Rs 8 crore," according to the report.

"The company has acquired two acres in Tambaram, 7.5 acres in Ambattur and 6.5 grounds in Pursavakkam for residential projects. All the investments would be funded through debt and internal accruals," the report suggest.

The trading volumes on the counter jumped almost thirteen-fold with 177,000 shares changing hands so far as compared to 14,000 shares traded daily in past two-weeks. There are pending orders for 53,861 shares on the BSE.

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