While Indian markets were taking major hits from investors, the share price of Indian Hume Pipe was trading on whole another opposite level. The company's share price has surged over 8% by touching intraday high of Rs 306 per piece so far in today's trading session. Such an upbeat in the company's stock came after when it signed a deal with Kalpataru Gardens.
However, few minutes before the stock markets close, the share price of Indian Hume Pipe was trading at Rs 293 per piece above Rs 10.90 or 3.86% at around 1518 hours.
In a notification sent to BSE, Indian Hume Pipe said, "we have to inform you that the Company has today on 101h September, 2018 signed a Memorandum of Understanding (MOU) with M/s. Kalpataru Gardens P\d. Ltd., the Developer (a wholly owned subsidiary company of M/s.Kalpataru Ltd.) in respect of development of Company's land at Vadgaon, Pune."
The Company has given Power of Attorney to the Developer for obtaining approvals, sanctions, permissions, NOC's relating to the development of the above project.