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Housing Development Gains After Report it Plans to Sell Land

Housing Development & Infrastructure Ltd. 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.

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