Q-Flex Cables enters into real estate business, signs JV agreement with Vijayshanti Builders

Q-Flex Cables Ltd has announced that:

1. The Company has entered into a joint venture agreement with M/s. Vijayshanti Builders Ltd, Chennai, for construction of residential flats in five acres of Vandalur factory land.

2. The Company itself on its own started construction of residential flat in another five acres of Vandalur factory land.

The above projects are expected to be completed by March, 2009 and the revenues are expected to flow from the next financial year onwards.

3. The Company has recently purchased about 12.5 acres of land near Chennai for development.

Shares of the company closed at Rs.6.13, down by Re.0.23 or 3.62%.

Source : Equity Bulls

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