Shares in Oberoi Realty rallied as much as 11 percent after the real estate developer emerged as the highest bidder for an industrial land parcel being sold by Tata Steel Ltd. The final bid was placed at Rs 1155 crores.
The land purchase is seen as a good deal for Oberoi Realty and could be monetised in the years to come. Oberoi Realty is among the better managed real estate companies and is a debt free company. Most of the projects at the company are centred in the city of Mumbai.
The shares of Oberoi Realty were last trading at Rs 220 on the National Stock Exchange.