Shares of Ashima Ltd surged 9.95% to ₹18.89 on Monday, hitting the upper circuit, after the company announced it had completed the sale of a land parcel in Ahmedabad for ₹48 crore. The land, located at Rakhial in Taluka Maninagar, spans 8,893 square meters and was earlier used for its now-defunct cotton textile operations.
The Board of Directors had previously approved the proposal to sell the land at a minimum value of ₹45 crore in its meeting on February 13, 2025. The company confirmed that the land is no longer required for ongoing operations and that the sale will not impact its business activities. The transaction marks a strategic monetization of non-core assets and is expected to improve liquidity.
Ashima Ltd shares were locked in a 10% upper circuit following the development, with a sharp jump from the previous close of ₹17.18.
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