Meanwhile, the stock of Mumbai-based HDIL rose 9.9% in the afternoon trade after reports came out that Bombay High Court, today gave interim relief to Mumbai based realty developer, in a case involving the company, Mumbai International Airport (MIAL) and Slum redevelopment authority (SRA). The High Court has barred SRA from initiating proceedings for repossession of tenements built by HDIL under slum rehabilitation project of MIAL, television reports said. In May this year, HDIL said the MIAL terminated the contract with it for the slum rehabilitation project and HDIL had moved court against MIAL, SRA and MMRDA. The case is expected to be heard on July 10, reports said.
All this points towards a much higher targets for the scrip of HDIL, especially in the view of the new bill related to this sector, which is expected to be passed by the Indian Parliament.