Trending Stock: Shares of this smallcap company soared after securing a redevelopment project worth Rs 500 crore!

On an intraday basis on Thursday, shares soared more than 8 per cent and reached a day's high of Rs 377.55 per share on the BSE

Indian domestic indices opened lower on Thursday, weighed down by heavy losses in the utilities and power stocks. The majority of sectoral indices were trading lower at market close, while the BSE Oil & Gas and BSE Metals ended the session significantly higher.  

The BSE Sensex fell 0.31 per cent to 60,858 level at the close. The Nifty 50 index declined 0.32 per cent to a level of 18,107. Despite declining, broader indices performed better than main indices.  

Shares of Mahindra Lifespace Developers, one of the Top Gainers of the BSE Smallcap index in early trades, drew attention from investors with their strong uptrend in an otherwise weak market.  

On an intraday basis on Thursday, shares soared more than 8 per cent and reached a day's high of Rs 377.55 per share on the BSE due to favourable surge in volume. One of the reasons for this rally was a recent announcement by the company.  

The real estate giant announced that it has been selected as the preferred partner to redevelop two adjacent residential societies in Santacruz West, one of Mumbai's most prestigious residential areas. The project has a revenue potential of around Rs 500 crore.  

Keep a close eye on this scrip for the upcoming sessions!