Mukand surges on sale of land in Thane dist. for Rs. 806 cr.

Mukand soared 9.82% to Rs. 142 after the company executed an Agreement for Sale (AFS) on 1 March 2022 for the sale of land admeasuring approx. 47 acres situated at Kalwe and Dighe, in Thane district for a consideration of Rs. 806.14 crore.

A part consideration of Rs. 161,22,80,000 (being a sum equivalent to 20% of the sale consideration) is required to be deposited by the purchaser as earnest money deposit, in an escrow account, within 7 days of execution of AFS. The sale is subject to fulfilment of certain conditions precedent by the parties.

On 25 June 2021, Mukand had executed a Memorandum of Understanding (MoU) for the sale the freehold land of the company for a consideration of Rs. 752.11 crore and had received an initial advance of Rs. 10 crore.

Mukand's consolidated net profit dropped 45.7% to Rs. 35.06 crore on a 65.9% surge in net sales to Rs 1,323.71 crore in Q3 FY22 over Q3 FY21.

Mukand is engaged in manufacture of alloy and stainless-steel long products.

BS