Housing Development Gains After Report it Plans to Sell Land

Housing Development & Infrastructure Ltd. (HDIL) gained as much as 1.4 percent in Mumbai trading after the Economic Times newspaper reported today the real estate developer has put about 5 million square feet of land parcels at Virar, near Mumbai, on the block.

Shares of the company rose 0.6 percent to 113.1 rupees at 9:16 a.m. local time. Housing Development expects to raise 6.5 billion rupees through the sale in the next few weeks to repay its debt, the report said, citing people it didn’t identify.

To contact the editor responsible for this story: Subramaniam Sharma at ssharma@bloomberg.net

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