GOCL shares surge 20%; check here why

Shares of Hinduja group company GOCL Corporation surged 20% in the opening trading session of March 28, Thursday, following the signing of a Memorandum of Understanding (MOU) with Squarespace Builders for the monetization of 264.5 acres of land.

GOCL Corporation Limited (GOCL), a Hinduja group company, has entered into a joint development MOU with Squarespace Builders Private Limited for the strategic monetization of 264.50 acres of prime land in Kukatpally for Rs. 3402 crore.

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According to a statement by GOCL on Wednesday, the agreement with Squarespace Builders also includes the joint development of 32 acres of land under a Joint Development Agreement (JDA), in collaboration with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL).

As of 9:40 am, the shares were trading 10.97% higher at ₹420.40.

The company stated that the process will be completed over an 18-month period in carefully planned tranches, contingent upon the fulfillment of any associated covenants.