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Rashtriya Chemicals and Fertilizers jumps over 17% on Cabinet approvals for land transfer

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Shares of state-run Rashtriya Chemicals and Fertilizers Ltd surged 17.23 percent to Rs 79.60 on Friday.

Rashtriya Chemicals and Fertilizers jumps over 17% on Cabinet approvals for land transfer
Shares of state-run Rashtriya Chemicals and Fertilizers Ltd surged 17.23 percent to Rs 79.60 on Friday, in their sharpest intraday percent gain in over 3 years. Shares traded at Rs 73.80, up by 8.69 percent at 3.10 pm on the NSE.
The Union Cabinet approved transfer of land of the company to Mumbai Metropolitan Regional Development Authority (MMRDA), Municipal Corporation of Greater Mumbai (MCGM) late on Wednesday.
The Cabinet also approved selling of Transferable Development Right certificate received/receivable against transfer of land to MMRDA/MCGM.
More than 5.2 million shares change hands in first 30 minutes of trade, compared with 30-day average of about 1.6 million shares.
Stock is the top percent gainer on Nifty 500 index.
Meanwhile, benchmark indexes extended gains ahead of market close. The BSE Sensex jumped 380 points, or by 1.01 percent, to trade at 38,098 at 3.10 pm, while the NSE Nifty 50 crossed 11,500 mark, to trade at 11,520.55, higher by 150.65 points, or by 1.32 percent.
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