Nitco Tiles appoints Knight Frank to value its properties

Nitco Tiles Ltd has announced that the Company is engaged in the business of Real Estate development through its wholly owned subsidiary Nitco Realties Pvt Ltd. The Company appointed Knight Frank to carry out valuation in respect of some of the properties which are owned by the Company / Nitco Realties or its SPV's. This includes properties which are in the process of being transferred under a court approved scheme of arrangement (final hearing fixed for August 17, 2007). For these initial set of properties Knight Frank has valued the Net Present Value of the land bank of the Company at Rs 406 crores. These projects will be completed over a period of 3 years.

The Company is vigorously pursuing its objective of creating value in the Real Estate sector. The Company is in negotiations for undertaking many more projects. As and when such projects fructify, these will also be valued by a reputed independent valuer.

The stock was trading at Rs.242.55, up by Rs.6.95 or 2.95%. The stock hit an intraday high of Rs.245 and low of Rs.236. The total traded quantity was 21289 compared to 2 week average of 43689.

Source : Equity Bulls

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