India's Kirloskar Electric hits upper circuit on land sale pact

Kirloskar Electric

04/10/2022 09:14

** Shares of electrical engineering company Kirloskar
Electric Company Ltd KREL.NS  rise as much as 4.93% to hit upper
circuit at 40.45 rupees
    ** Co on Monday entered into an agreement to sell 127,880.65
square meters of land in the Indian state of Karnataka (https://bityl.co/Ert3)
    ** Total consideration for the sale would be 951.2 million
Indian rupees ($11.68 million)
    ** Stock marks biggest intraday pct gain since Sept. 27
    ** More than 52,000 shares traded by GMT 0810, vs their
30-day avg of 389,669 shares
    ** Stock up 69.45% YTD, as of last close
($1 = 81.4275 Indian rupees)
 (Reporting by Nishit Navin in Bengaluru)
 ((nishit.navin@thomsonreuters.com;))