NEW DELHI: Shares of DB Realty got a major boost on Friday after the company said it has received a letter of acceptance (LoA) from Municipal Corporation of Greater Mumbai (MCGM) for a project worth Rs 1,584 crore.
“The company considers the award of aforesaid LoA by MCGM for Chandivali project to the firm a significant event as this line of business is expected to add substantially to the company’s future earnings,” said the company.
The project entails construction, completion and handing over of 4,000 tenements of carpet area size 27.88 mts along with transfer of land and completed tenements to MCGM to be constructed on land bearing CTS No. 11A/5A of village Chandivali in Zone-V.
This is a unique project which is expected to benefit from tax exemptions under the Income Tax Act, 1961, the company said.
The stock eventually ended up 5 per cent.
Dividend Buzz
Shares of Mold-Tek Technologies jumped 20 per cent after the company said a meeting of the board of directors will be held next Tuesday (March 15) to consider the recommendation of an interim dividend for the financial year 2021-22.
The record date for the said interim dividend is 24 March 2022.
A multitude of companies have announced dividends and buybacks to reward their shareholders before the financial year ends.
Delivering Results
Jindal Steel and Power (JSPL) continued to deliver year-on-year growth that took the stock further higher. Moreover, the company also announced a dividend of Rs 1 per share.
The company said steel sales increased by 8 per cent YoY to 5.90 lakh tonnes in February 2022. Steel production of 6.57 lakh tonnes in February 2022. Exports accounted for 24 per cent of the sales volumes.
“Brent and energy prices are skyrocketing due to the full scale war in Eastern Europe. Input costs for Steam coal, Coking Coal and Ferro alloys are witnessing substantial rise which has resulted in higher steel prices,” said VR Sharma, Managing Director, JSP in a statement.
“While we hope and pray for faster resolution of the conflict, it will take at least six months for markets to stabilise post war. Higher input costs should therefore result in continued rise in steel prices as the industry grapples with containing cost pressures.”
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
