Shares of Kansai Nerolac Paints rose after the company said it will sell its land at Thane to Shoden Developers for Rs 655 crore.
The land area is 96,180 square metres, it said in a stock exchange filing. Shoden Developers is a group company of House of Hiranandani.
The scrip gained as much as 3.9%. Total traded quantity stood at 6.8 times the 30-day average. The relative strength index was 48.5.
Of the 20 analysts tracking the stock, 10 maintained ‘buy’, four recommended a ‘hold’ and six recommended ‘sell’. The average of the 12-month price consensus implied a potential upside of 22.7%
Source: Exchange filing
