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Marathon Nextgen Realty gains on receiving nod for proposed development of IT park

Marathon Nextgen Realty is currently trading at Rs. 264.55, up by 7.15 points or 2.78% from its previous closing of Rs. 257.40 on the BSE.

The scrip opened at Rs. 260.10 and has touched a high and low of Rs. 268.00 and Rs. 255.00 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 297.00 on 12-Aug-2016 and a 52 week low of Rs. 135.00 on 05-Apr-2016.

Last one week high and low of the scrip stood at Rs. 272.00 and Rs. 234.10 respectively. The current market cap of the company is Rs. 752.31 crore.

The promoters holding in the company stood at 75.00%, while institutions and non-institutions held 0.01% and 24.99% respectively.

Marathon Nextgen Realty has received its board’s approval for the proposed development (IT Park) Phase-III at Marathon Futurex Premises, owned by Marathon Realty, Lower Parel, Mumbai. The approximate area under development would be around 1,11,000 sq.ft at 27th, 28th, 29th and 30th (part) floors and the cost of acquisition will be around Rs 111 crore.

Marathon Nextgen Realty focuses on residential and commercial segments. The company’s JV projects include Marathon Monte Carlo, Mulund, which is a residential suit; Marathon Monte Vista, Mulund, which is a 33 story residential tower, and Marathon Monte Plaza, Mulund, which includes retail and offices.

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