Emami Partners With Sheth Corp To Develop Luxury Homes

Emami Group has partnered with Sheth Corp, and plans to invest Rs 350 crore to develop a luxury residential project named ‘Montana’ in Mulund, Mumbai.

Sheth Corp and Emami Group's arm, Emami Infra have formed a Limited Liability Partnership for the project. The project is spread over 7 acres, comprising of 4 towers, and will have apartments of 2,3,4 & 5 BHK configurations.

Ashwin Sheth, chairman & MD of Sheth Group, while speaking to a leading business daily, said that Sheth Group is already present in  Mulund  with projects like Vasant Oscar and Vasant Garden, and after this collaboration with Emami Group will become a stronger and long lasting entity.

So far, Emami Group has delivered 24 residential and commercial projects, primarily in Kolkata, India. Emami Infrastructure Ltd is currently trading at Rs 80.4, up by Rs 5.3 or 7.06% from its previous closing of Rs 75.1 on the BSE. The scrip opened at Rs 80.15 and has touched a high and low of Rs 82.95 and Rs 78.1 respectively. So far 1284173(NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs 182.49 crore. The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 90.4 on 07-Jul-2016 and a 52 week low of Rs 34 on 31-Mar-2016. Last one week high and low of the scrip stood at Rs 75.1 and Rs 62.6 respectively. The promoters holding in the company stood at 58.06 % while Institutions and Non-Institutions held 0.04 % and 41.9 % respectively. The stock is currently trading above its 50 DMA.  

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