Hindalco Industries Ltd. will sell a land lot situated in Maharashtra to a subsidiary of Birla Estates Pvt. for a likely consideration of Rs 595 crore, according to an exchange filing.
The company's board of directors approved sale of the land situated in Kalwa, Maharashtra to Ekamaya Properties Pvt., a wholly-owned subsidiary of Birla Estates.
The company expects the sale will conclude in the next three months over multiple tranches. It also expects to receive 1.5% of the sales revenue, the filing said.
The transaction is subjected to signing of definitive agreement, and approval from regulators, Hindalco Industries said.
Also Read: Hindalco - Capex To Drive Next Leg Of Growth; Novelis To Witness Further Margin Gains: Motilal Oswal
Shares of Hindalco Industries Ltd. rose 1.38% intraday, the highest level since July 12. They pared gains to trade 1.22% higher at Rs 700.50 as of 12:33 p.m., as compared to 0.36% advance in the NSE Nifty 50.
The stock has gained 56.86% in 12 months, and 13.96% on year-to-date basis. Total traded volume on NSE so far in the day stood at 0.29 times its 30-day average. The relative strength index was at 57.38.
Out of 27 analysts tracking the company, 24 maintain a 'buy' rating, two recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 7.2%.
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