Only 9,987 shares changed hands in the counter on BSE. There were outstanding buy orders from 25,346 buyers at the 5% upper limit in the stock.

The stock witnessed a solid surge over the past few months and it got a boost recently after a court order paved the way for development of mill of land in Mumbai. From Rs 250 level in late December 2005, the stock spurted to Rs 655.25 on 17 April 2006.

Morarjee Realties has reported a net profit of Rs 44.97 crore for Q4 March 2006 as compared to a net profit of Rs 3.07 crore in Q4 March 2005. Net sales has risen 217% to Rs 79.05 crore from Rs 24.92 crore.

However, the results are not comparable due to merger of Piramal Holdings (PHL) and Piramyd Retail and Merchandising (PRMPL) with Morarjee Realties.

Mill land developers, including Morarjee Realties, have outlined huge development programmes for the 600 acres freed in central Mumbai. Morarjee Realties is focusing on four major projects - two high-end residential projects called Ashoka Gardens and Ashoka Towers as well as two commercial projects called Peninsula Corporate Park.

After the merger of PHL and PRMPL, the equity capital of Morarjee Realties has risen to Rs 39.54 crore.