Friday, August 21, 2009

Indiabulls Real Estate Surges On Mantralaya project

. Friday, August 21, 2009

By stockOzone team

Shares of Indiabulls Real Estate were in the limelight Friday amid reports that the company has bagged an order worth Rs 1400 crore for the redevelopment of Mantralaya and ministerial homes in Mumbai.

Gagan Banga, group spokesperson of the company said that it would be premature to speak about the development plans. He informed that the infrastructure project would be executed in 5 years and the project cost is high given the prime location and limited space.

The modernisation project would involve revamping Mantralaya and New Administrative Building. The project would also involve a rest house as well as six sky scrapers for ministers, judges and bureaucrats, reported said.

At 2:20 pm, shares of Indiabulls Real Estate surged 6.63 per cent to Rs 250 on the BSE.

Disclosure: Author does not own any of the stocks discussed here.

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