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Mohota Industries soars on inking JV pact for development of affordable housing project

16 Jan 2018 Evaluate

Mohota Industries is currently trading at Rs. 418.45, up by 12.65 points or 3.12% from its previous closing of Rs. 405.80 on the BSE.

The scrip opened at Rs. 405.00 and has touched a high and low of Rs. 421.00 and Rs. 405.00 respectively. So far 24323 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 434.00 on 29-Dec-2017 and a 52 week low of Rs. 65.00 on 02-May-2017.

Last one week high and low of the scrip stood at Rs. 421.00 and Rs. 371.00 respectively. The current market cap of the company is Rs. 595.98 crore.

The promoters holding in the company stood at 41.96%, while institutions and non-institutions held 0.58% and 57.47% respectively.

Mohota Industries, through its Special Purpose Vehicle (SPV), entered into its third joint venture (JV) agreement with a renowned developer for the multi-use development project with an estimated value of around Rs 160 crore. The development project is spread over 6 acres with total development target of 4.50 lakh sq. ft., which will be completed over 24 months period starting - May 2018.

The land is located in Nagpur’s posh area at old Kamptee road (Urban Zone) and the project will be eligible for PMAY (Government of India - Affordable Housing Scheme). An FSI of 2.5x is earmarked for these projects.

Mohota Industries through its SPV will contribute land only for this project and the JV partner will contribute towards development, marketing, administrative and selling expenditure. Mohota Industries would yield 40% of the total saleable value. The project value is estimated at Rs 160 crore at current market value. The proceeds will be transferred from SPV to the balance sheet post completion of the project.

Mohota Industries (formerly known as The Rai Saheb Rekhchand Mohota Spinning & Weaving Mills), having registered office in Mumbai, Maharashtra, is engaged in textile manufacturing and infrastructure projects.

Mohota Industries Share Price

4.56 0.00 (0.00%)
22-May-2023 18:01 View Price Chart
Peers
Company Name CMP
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