Public RelationsAlok rises on Dawn Mills deal
Alok Industries closed at Rs 22, higher by Rs 1 or 5%, on the BSE.
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The stock saw trading volumes of 5,651,725 shares as against the 2-week average of 1,317,621 shares.
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(Updated at 1057 am)
Alok Industries has moved up after deciding to withdraw from the realty segment by 2012 and concentrate on its core textile business. The stock is trading at Rs 21, higher by 1%, on the BSE.
Alok Infrastructure, the wholly-owned subsidiary of Alok Industries, had inked a Rs 1,075-crore deal with the Ashok Piramal group"s Peninsula Land for the Dawn Mills at Lower Parel in Mumbai in 2007. With 5 per cent stamp duty and other charges, the deal size inched close to Rs 1,200 crore.
The company wants to bring back the investment made in realty to partly pay its existing debt of around Rs 7,000 crore.