On December 6, the SC upheld its sale by Indiabulls Housing at a public auction in 2019 under the Sarfaesi Act to a little-known Pune developer, Honest Shelters, which paid Rs 705 crore for it.
“One can buy Pidilite for levels of Rs 2,700, keeping a stop loss at Rs 2,595. Second recommendation is a conditional sell call on Axis Bank. It is forming a classical case of double top formation which is also corroborated by RSI divergences. Sell Axis Bank below Rs 1108, keeping stop loss at Rs 1,130 and playing for a target of Rs 1070.”
The project, started in 2007 and touted to be the most ambitious real estate project in the country, has faced numerous challenges over the last 10 years. Legal disputes and hurdles had cast a shadow over the 320-meter-high, 88-storey, tower, delaying its progress and raising concerns among investors and stakeholders. In 2010, the developer, Shree Ram Urban Infrastructure Ltd, availed of a Rs 900 crore loan from Indiabulls Housing Finance with this project as collateral. The erstwhile promoter of Shree Ram Urban also stood as personal guarantor to the loan.
India Business News: Vodafone Idea has been identified as the biggest wealth destroyer on Dalal Street, with investors losing approximately Rs 1.39 lakh crore. The study r