Rakesh Jhunjhunwala owned realty stock hits upper circuit on favourable SC ruling; surges 300% in 6 months, 1100% in 2 years

Rakesh Jhunjhunwala's portfolio realty stock was locked in 5 per cent upper circuit in Wednesday's intraday trade on the BSE after the Supreme Court cleared a pending matter in favour of the realty developer. 

Big Bull of the Indian market, Jhunjhunwala holds 50lakh shares of the realty company for the quarter ended December 2021, showed BSE shareholding pattern of the company.  

As analysts and market experts remain bullish on realty space, this realty stock has surged more than 200 per cent in one year and whooping over 1100% in two years, showed technical data of the stock.   

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The stock remains firm despite recent corrections in the market as this realty share has gained 6% in a week, 10% in a month, around 140% in three months and 305% in six months.  

At 2 pm on Wednesday, shares of DB Realty were locked in 5% upper circuit after gain by Rs 4.75 to Rs 99.90 a share on the BSE.  

The rally in the share comes comes after DB Realty, in an exchange filing dated February 28, informed the exchanges that the firm has won the title of a land owned by it in Mumbai.  

Shares of DB Realty hit the 5 per cent upper circuit on Wednesday as the company informed the stock exchanges that the firm has won the title of a land owned by it in Mumbai. 

The matter was cleared by the apex court on Monday in favour of the real estate company. 

The court, in its order, allowed the subsidiary of the company -- Esteem Properties to develop this land in Mumbai.  

"Pursuant to the above decision of the Hon. Supreme Court, freehold vacant land admeasuring approx. 22,000 Sq. mts., situated in a commercial zone is now available to Esteem for development," the company said in a regulatory filing on Monday," read a BSE filing by the company 

 It further read that the Company intends to develop the subject land into a 2 million sq feet (leasable area) grade A office space in the next 3 years.