Equity benchmarks remained marginally higher. The Sensex rose 88.46 points to 24806.45 and the Nifty advanced 20.20 points to 7530.40. 2:50 pm Buzzing: Shares of Mahindra Lifespace Developers gained 4 percent intraday after Tribunal allowed company to develop Mumbai property.
"Honourable Arbitral Tribunal allowed the company to proceed with acquisition of property and to subsequently take up re-development of property on completion of all obligations by vendors," says the Mahindra Group company in its filing.
Mahindra Lifespace received award copy on March 9 in the matter of pending Arbitration proceedings between the company and Rishi Gagan Trust & Others (vendors) relating to acquisition of a property in South Mumbai.
"Honourable Arbitral Tribunal allowed the company to proceed with acquisition of property and to subsequently take up re-development of property on completion of all obligations by vendors," says the Mahindra Group company in its filing.
Equity benchmarks continued to see selling pressure in noon trade, dragged by HDFC and ITC. The Sensex fell 161.62 points to 24642.66 and the Nifty declined 46.95 points to 7491.80.
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