RCF stock surges nearly 18% on cabinet nod to land transfer
RCF shares opened on a bullish note at ₹78.55, then touched a high of ₹79.85, up 17.85% over its previous closing price
New Delhi: Shares of Rashtriya Chemicals and Fertilizers Ltd on Friday jumped more than 17% in morning trade on bourses after the cabinet gave nod to transfer the state-run firm’s land to Mumbai Metropolitan Regional Development Authority (MMRDA).
The cabinet on Wednesday gave ex-post facto approval for transfer of land of RCF to MMRDA.
Following the development, RCF shares opened on a bullish note at ₹ 78.55, then touched a high of ₹ 79.85, up 17.85% over its previous closing price. Similar movement was seen on NSE as well, where the stock opened at ₹ 79.25 then touched a high of ₹ 79.60, up 17.23% over its last close.
MMRDA had acquired 48,849.74 square metre land of RCF and completed the construction of the Eastern Free Way-AnikPanjrapol Link Road (APLR), opened for public use in 2014. In a statement, the government said the cabinet has given ex-post facto approval for transfer of RCF’s land to MMRDA and also a proposal for approval for transfer of the state-run fertiliser unit’s land to Municipal Corporation of Greater Mumbai (MCGM).
The cabinet has approved selling of transferable development right (TDR) certificate received/receivable against the transfer of land to MMRDA and MCGM.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High