500% DIVIDEND SHARE: QUANT MF-BACKED GOCL CORP STOCKS ZOOM 16% - HERE'S WHY

GOCL Corporation Share Price Today: Shares of GOCL Corporation on Thursday zoomed more than 16 per cent in early morning deals on signing a MoU with Squarespace lnfra City Private Limited. The stock cap stock opened sharply higher at Rs 453, up Rs 74.15 or 16.55 per cent apiece versus the previous close of Rs 378.85.

At the time of writing this report around 9:25, the scrip traded with a gain of 10 per cent at Rs 414. Nearly 9 lakh shares of the company changed hands around the same time.

GOCL Corporation is a Hinduja group company. It has informed through an exchange filing that the board has approved entering into of a Memorandum of Understanding (MoU) with Squarespace lnfra City Private Limited, Hyderabad (Squarespace) for monetization of 264.50 acres of land situated at Kukatpally, Hyderabad, of which 32 acres land is under joint development agreement (JDA).

"The monetization will take place over a period of 18 months in tranches, subject to fulfilment of any covenants," the filing said.

Out of 264.50 acres, immediate sale of 12.50 acres land which is under joint development agreement (JDA) with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL). The consideration for the entire land under the MoU will be Rs 3,402 crores.

"A payment of Rs 520 cores will be received on signing of the MoU. Of this, Rs 160 crores will be the consideration for sale of 12.50 acres of JDA land and the balance will be retained by the company as advance for future tranches," it added in the filing.

GOCL Corp is backed by Quant Mutual Fund. According to data rooted from trendlyne, Quant Mutual Fund - Quant Absolute Fund has 1.4 per cent stake in the company.

GOCL Corp is one of top dividend paying stocks from the smallcap category. According to BSE data, the company has already paid 500 per cent or Rs 10 dividend on each stock of Rs 2 face value in FY2024 so far.

According to BSE analytics as on March 28, the GOCL Corp shares have yielded a positive return of 45 per cent in the last one year to its investors.

The company commands a market cap of Rs 2,230.77 crore, as per BSE website.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)

2024-03-28T04:32:36Z dg43tfdfdgfd