Nirlon rises after inking real estate transaction with J.P. Morgan

Nirlon rose 1.37% to Rs 288.30 after the company said it signed long-term leave and license agreement with J.P. Morgan.

Dec 06, 2019 05:12 IST capital market

Nirlon on Thursday signed a long-term leave and license agreement with J.P. Morgan, the global banking and financial services provider, for premium office space at Nirlon Knowledge Park (NKP) in Mumbai.

J.P. Morgan will take up approximately 1.15 million square feet of office space that is expected to be delivered by the second quarter of 2021. NKP has a site area of 23 acres and is located on Mumbais Western Express Highway in Goregaon. NKP houses some of the top global and Indian corporates with approximately 1.8 million square feet of IT/ITES office space already licensed.

NKP presently comprises approximately 1.8 million square feet of chargeable area and 3 million square feet of constructed area. Once the current phase of development is complete, it will have approximately 3 million square feet of chargeable and 5 million square feet of constructed area, the company said.

Meanwhile, the S&P BSE Sensex was up 17 points or 0.04% to 40796.88.

On the BSE, 9,791 shares were traded in the Nirlon counter so far compared with average daily volumes of 18,734 shares in the past two weeks. The stock hit a high of Rs 299 and a low of Rs 287.1 so far during the day.

The stock hit a 52-week high of Rs 299 on 06 Dec 2019. The stock hit a 52-week low of Rs 165.1 on 04 Feb 2019.

Net profit of Nirlon rose 72.81% to Rs 27.20 crore on 4.28% rise in net sales to Rs 75.83 crore in Q2 September 2019 over Q2 September 2018.

Nirlon is in business of development and management of the Industrial Park / Information Technology (IT) Park, i.e. Nirlon Knowledge Park (NKP) - Goregaon (East), Mumbai.

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