NEW DELHI: Bangalore-based realty firm Sobha Developers today said it has sold properties worth Rs 479 crore in the first quarter of this fiscal, up by 58 per cent from the year-ago period.
In the first quarter of last fiscal, Sobha had sold properties worth Rs 302.7 crore.
"For the quarter ended June 30, 2012, we have sold 0.84 million sq ft of new space valued at Rs 479.4 crore at an average price realisation of Rs 5,737 per sq ft," Sobha said in a filing to the BSE.
DB Realty today said it will form a joint venture with Radius group to develop a housing project
in Mumbai with an estimated sales revenue of Rs 3,500 crore.
Mumbai-based DB Realty said that its subsidiary MIG (Bandra) Realtors & Builders is "proposing to enter into a joint venture agreement with Vishwaroop Estates and Developers (part of Radius Group, a Sanjay Chhabria venture)" for the development of a project at Bandra.
Radius group is also into real estate business based out of Mumbai.
"...both the parties would make investments to meet certain agreed cost lines and share the free sale area in the agreed ratio. The project will be co-branded," DB Realty said in a BSE filing.
"The revenue from the project on completion is expected to be in the region of Rs 3,500 crore," it added. The total built-up area of the project is expected to be over 2.4 million sq ft.
"The project land is completely vacant and piling work has commenced. All approvals required at this stage have been received and a formal launch of the project is scheduled in mid-November around Diwali," the company said.
In July, DB Realty had informed BSE that it has started development of this land parcel spread across 20,150 sq meter (about 5 acres) located near Bandra Kurla Complex (BKC).
The company had entered into development agreement with MIG Co-operative Housing Society Ltd in October 2010 for the development of the land. As per the agreement, the Society had handed over the buildings to the company. The demolition of the buildings commenced on July 1 this year.
"The project has received height approval for construction of a 29-storey tower from the Airport Authority of India and upon completion the building is expected to be the tallest residential building in the BKC/bandra (East) area," DB Realty had informed in the regulatory filing.
Even before the formal launch of smart cities, the concept has gained traction as local governments take the initiative
The fact that cities are bursting at the seams is not lost on Prime Minister Narendra Modi’s government, which, on 29 April, signed off on a plan to create 100 “smart cities” and the rolling out of a new five-year urban development mission for 500 cities. Photo: Bloomberg
Mumbai: Peak-hour traffic snarls that take hours to clear. No space for vehicles to park. Pot holed roads that are periodically dug up, covered, dug up and covered again, with little or no coordination between local civic bodies and utilities that provide water, power and electricity.
Routine power outages and water shortages. Rudimentary sanitation. Rising pollution.
Those descriptions could apply to any big city in India, where demand for basic civic services has rapidly outpaced supply under the onslaught of ceaseless urbanization. By 2025, 69 metropolitan cities (each with a population of 1 million or more) will be home to 78% of India’s urban population, according to a study by McKinsey and Co.
The fact that cities are bursting at the seams is not lost on Prime Minister Narendra Modi’s government, which, on 29 April, signed off on a plan to create 100 “smart cities” and the rolling out of a new five-year urban development mission for 500 cities. The combined cost: Rs.1 trillion.
Every one of India’s 29 states will get to develop one smart city, minister for urban development M. Venkaiah Naidusaid on 7 May. Each city will get Rs.100 crore every year for five years, once selected.
Naidu defined a smart city as one “...having the provision of basic infrastructure to give a decent quality of life to its citizens, a clean and sustainable environment and application of smart solutions, keeping citizens at the centre”.
The 100 cities are to be selected through a competition in which cities will be graded on parameters, including revenue, expenditure, availability of infrastructure to support transport and solid waste management. The process of selection and development of smart cities will begin once the guidelines are sent to the states, Naidu said in Parliament.
To be sure, the project won’t be completed in a hurry (see here Implementation key to smart cities, say experts). Nevertheless, the concept of a smart city is already gaining traction in Asia’s third largest economy, with the states taking the initiative.
For instance, citizens of Bengaluru, also known as the Silicon Valley of India, can already walk into Mantri Mall in the Malleswaram neighbourhood, sit down at a kiosk and file a police complaint, regardless of where in the city a crime was committed.
The “smart” kiosk, which was put up in the mall five months ago by the state government and city police, has a touchscreen and virtual keyboard and uses high-definition video and audio to allow for an interactive live session with a designated police officer who sits in the traffic management centre—the technology centre of the Bengaluru traffic police.
A complainant can then sign, scan and print the document, and also review the complaint with an expert to ensure that the first information report (FIR) contains no errors.
The pilot project having proved successful, the Bengaluru city police now plan to install 100 more such smart kiosks in the city, according to Aamer Azeemi, managing director of Cisco Consulting Services. It was Cisco Systems Inc. that provided the technology and guidance for the project.
“The idea of this kiosk was inspired from the smart city of Barcelona, where we worked with the government to set up kiosks to bring government services to citizens—be it printing a signed copy of a birth certificate or any other such service,” said Azeemi.
Cities in the race
Likewise, the Andhra Pradesh (AP) government has plans to develop 14 smart cities covering 13 districts of the state. These include Visakhapatnam, Vijayawada, Tirupati, Eluru, Guntur and Nellore. Cisco is helping the state digitize education and healthcare in the port city of Visakhapatnam.
The Maharashtra government, on its part, wants to showcase the Bandra-Kurla Complex (BKC) in Mumbai, India’s financial capital, as the “first brownfield (existing) smart city in India”. Bids were opened on 3 December, and their scrutiny “is under process”, according to the Mumbai Metropolitan Regional Development Authority, which set up BKC.
Both brownfield and greenfield (new) cities can be made smart with help from technology companies such asMicrosoft Corp., International Business Machines Corp.(IBM), Cisco, Intel Corp., Dell Inc., Schneider Electric SE andSiemens Ltd.
The Surat Municipal Corporation (SMC) in Gujarat is partnering with Microsoft to transform Surat, the hub of India’s diamond trade, into a smart city.
Surat is the fourth fastest growing city in the world, with a population of 5 million and a business hub that processes 80% of the world’s diamonds and meets 40% of India’s demand for textiles, according to Milind Torawane, Surat’s municipal commissioner.
SMC is working with Microsoft and its partners to develop solutions for water management and urban planning (building plan approvals). Surat has already implemented several e-governance and citizen-centric solutions developed on Microsoft technologies, including those for property tax and revenue collections and material management.
Microsoft has also created a city dashboard that provides a customized view of key performance indicators for the city.
The Gujarat International Finance Tec-City, a government of Gujarat project that is developing India’s first global financial hub in partnership with Infrastructure Leasing and Financial Services Ltd, already has utilities like a district cooling system and automated waste collection system as part of the first phase of development.
Smart cities are also coming up from scratch in and around metros such as Palava in Mumbai and the Delhi-Mumbai Industrial Corridor (DMIC).
DMIC plans to develop seven greenfield smart cities in six states with backward integration to the dedicated freight corridor. These are Dholera in Gujarat, Dighi port city and Shendra in Maharashtra, the Pithampur-Dhar-Mhow belt in Madhya Pradesh, Khushkhera-Bhiwadi in Rajasthan, Manesar-Bamal in Haryana and Dadri-Noida in Uttar Pradesh.
Cisco is preparing an information and communications technology (ICT) master plan for four of the smart cities—Dholera, Shendra, Manesar and Khushkhera-Bhiwadi—andIBM is developing one for Dighi.
These plans involve the use of ICT to deliver to businesses and citizens services such as monitoring energy consumption, traffic visualization, improved water management and enhanced public safety.
Other examples include that of Schneider Electric India, which announced a partnership on 17 April with Essel Infraprojects Ltd (EIL) to develop smart city projects in India.
There are pressing reasons why a country like India needs smart cities.
Cities are the engines of economic growth. While the urban population is currently around 31% of the total population in India, it accounts for over 60% of the gross domestic product (GDP). The urban population is projected to grow to 50% by 2050.
According to a 10 October draft concept note on the smart city scheme by the Indian government, the global experience is that urbanization up to 30% of the population is relatively slow, but the pace accelerates thereafter till it reaches about 60-65%.
India is at a point of transition where the pace of urbanization will speed up.
A typical smart city would take advantage of ICT and data analytics to improve the management of traffic, solid waste, energy, water and citizen services.
While smart transportation can reduce traffic congestion and air pollution with the help of parking meters and sensors, enhancing surveillance systems can reduce the crime rate and create a smart public safety system.
A smart city’s power distribution infrastructure would be built on smart grid technologies and integrated with power demand patterns and grid supply variations.
Utility companies typically send workers to collect data by reading meters, looking for broken equipment and measuring voltage. The concept of a smart grid involves the use of computer-based remote control and automation to gather such information about the behaviour of suppliers and consumers, which, in turn, improves efficiency and reliability, reduces cost and makes the production and distribution of electricity sustainable.
“For cities to be able to deliver true value, they need to be able to provide their inhabitants with the highest standard of living while ensuring sustained protection of the environment. Only cities which are able to reach this equilibrium will be capable of meeting today’s challenges and can look forward to a more sustainable future,” saidSunil Mathur, managing director and chief executive ofSiemens, which is working with the Indian government to install smart grid solutions “in multiple cities in India”.
Similarly, while a smart city’s law enforcement agencies would be equipped with technology solutions such as surveillance, global positioning system (GPS) and vehicle telematics, a smart city’s police, traffic, hospitals and fire departments would work in a coordinated, integrated fashion for effective response in case of an emergency.
Consider Palava, another example of a greenfield smart city, for which the Lodha Group has a franchisee agreement with the Maharashtra State Electricity Distribution Co. Ltdfor 24-hour electricity supply and solar panels powering street lights.
The Lodha Group has also set up the Palava City Management Association with citizens as members to deal with day-to-day issues, as well as a 311 grievance helpline number and 911 emergency helpline number for citizens, apart from a mobile app.
Palava’s smart technology also extends to 500 surveillance cameras that capture real-time data and, in future, will support face recognition for entry and have panic alarms every 200 metres. A smart card given to all Palava citizens will allow cashless transactions at retail centres, access to bus service, public Wi-Fi within Palava’s premises, building and commercial points of entry, and information access from the Palava experience centre. It has partnered with IBM for the project.
Prashant Pradhan , director of the Smarter Planet Solutions unit at IBM India/South Asia, says “while the paths to become smarter may vary significantly for greenfield and brownfield cities, a consistent execution framework applies to both”.
He added that smarter cities are built on the three pillars of “planning and operations, infrastructure and people”.
“In a smart city, not only is each of these pillars infused with intelligence, but more importantly they work in an interconnected, integrated fashion to enable optimized decision-making and utilize resources efficiently,” Pradhan said, adding, “a set of core foundational capabilities—namely data and analytics, systems of citizen engagement and sharing of investments, resources and expertise—will help India realize its vision.”
And, most of all, smart cities would require high-speed Internet connections, or broadband.For instance, BKC’s project, christened Smart BKC 1.0, envisages 100% high-speed municipal Wi-Fi connectivity, 3,000 smart parking slots, 841 solar-powered street lights, CCTVs and analytics of the data they provide, and citizen apps.
But where will the Indian government get the money to finance these 100 smart cities?
Industry experts are unwilling to put a cost to the development of a smart city. Much will depend on the size of the city, its population, the amount of services needed and the time involved to implement the project, they say.
According to a May 2011 report on urban infrastructure by a high-powered expert panel that was set up by the ministry of urban development, India would have to invest Rs.39.2 trillion over 20 years (between 2012 and 2031 at 2009-10 prices) in public works.
In an April 2010 report, McKinsey Global Institute estimated that India would require $1.2 trillion between 2010 and 2030 “just in urban infrastructure”.
Of course, the state governments will be required to pitch in, and so will the private companies that are expected to sign public-private partnerships, or PPPs, with governments to develop the infrastructure.
“Significant investments will be required in urban transport infrastructure in the years to come. Public budgets will not be able to meet the needs fully,” said O.P. Agarwal, executive director of the Punj Lloyd Institute of Infrastructure Management at the Indian School of Business (ISB) in Hyderabad.
“Therefore, alternative sources of financing will be needed. Towards this end, it should be recognized that the beneficiaries of urban transport systems, especially public transport systems, go beyond its users. Therefore, they should also contribute to the investments.”
In a paper that appeared in the April-June 2015 issue of ISB Insights, Agarwal noted that lessons can be learnt from other parts of the world—such as imposing a transport tax like French cities do; levying a gasoline tax (also known as gas tax) like the state and federal governments do in the US; implementing the concept of land value capture (example: property owners close to a newly-constructed metro system see a rise in value of real estate, and some part of the increased value could be ploughed back to finance the related investment); and additional vehicle registration fee—like in Singapore.
“Financial resources will not be a constraint to building urban India if there is a willingness to look at innovative ways of financing it as well as adopting policies that discourage sprawl,” Agarwal concluded.
Look at options in Palava City: http://www.saturnrealcon.com/property-lodha-codename-epic-mumbai-dombivali-east-SR00241.html
India has emerged on top of the foreign direct investment league table, overtaking China and the United States.
In the first half of 2015, India is at number one, attracting roughly $3 billion more than China and $4 billion more than the US.
Prime Minister Narendra Modi Government has taken several steps to attract foreign investment and has helped revive mood of investors since it came to power in May 2014.
While there has been a demand for accelerating the reforms drive, the government has unveiled several initiatives such as 'Make in India' and 'Digital India' to lure investors.
India has emerged on top of the foreign direct investment league table, overtaking China and the United States.
Reacting on which Union Finance Minister Arun Jaitley in a tweet said the development of India becoming the Highest FDI destination for Greenfield projects is satisfying and that the government's efforts are paying off.
The Reserve Bank of India (RBI) on Tuesday announced a surprise 50 basis points (bps) repo rate cut and also some cheaper loans for low cost housing projects. Speaking to CNBC-TV18, Vikas Oberoi, chairman and managing director, Oberoi Realty says the move will impact the sector in various ways.
He says banks will now find it easier to lend to home loan borrowers adding that they are the most secured borrowers.
Below is the transcript of Vikas Oberoi's interview with Latha Venkatesh and Sonia Shenoy on CNBC-TV18.
Sonia: Yesterday the RBI announced some cheaper loans for low cost housing and also for lower value home loans. What is the sense you are getting about whether this would in any way aid demand in the sector?
A: This will do two things. Firstly, it will bring down the deposit rates. So obviously people will not find it that attractive to continue to put money in the bank. This also will give more disposable cash in the hands of people who will probably not find putting this money in the bank as attractive as they did earlier. You are looking at clearly probably anywhere between 10 percent and 15 percent less from what they were earning prior to the rate drop.
The other effect will be that even borrowing cost will come down. Though RBI has just put 50 basis points (bps), banks are getting ready to push as much as maybe 100-125 bps. Banks have the money. If you see they only want quality borrowers. I would say that the home loan borrower is probably the most secured borrower any lender can expect. There is literally no foreclosure there. So it is secured.
Having said that, I clearly see that demand now picking up and it is also about the sentiment. It is just not that the rate has come down, it is also that now people feel that this is like a step in the right direction and it will open up the market I feel.
Latha: Can you describe a little about your Borivali project, that is the big thing for Bombayites, what kind of flats are on offer and what kind of demand have you seen?
A: One is fortunate, it is one of the most anticipated projects as far as customers go. We have had very good enquiry, good demand for that and people are literally waiting. We internally are hoping to launch this around Dussehra, which is about anywhere between October 18 and October 22. We are quite ready, we have got all the plans ready.
We don’t want to kind of speculate on what price -- we are still working that last bit for what should be correct for the market and we know there is demand at a particular price. So we are debating what should we push in and how should we make it very attractive for everyone to buy.
Sonia: In terms of your own targets, what kind of growth do you see for the business because the stock is up almost 20 percent this month in anticipation of this Borivali project and last quarter you had a very strong performance with 20 percent growth in revenues? Can you give us a sense of what the quarterly revenue run rate could look like for the company given that you have so many new launches?
A: I don’t want to get into specific numbers and sound speculative. All I want to say is that for very long, our company had only one project, which was our Goregav project. Today we have the central suburb -- the Mulund project, that has now started giving us cash. We will now have Borivali. Our Worli project will start shortly, it will be formally launched shortly somewhere around December. So that starts giving us cash.
So we were like throwing water out of one well, we got now three more added to it. So we genuinely see that this is a big click for our company.
Latha: Isn't there a constant refrain that there are unsold houses? In Mumbai there are constant reports that are about a lakh unsold units and 90 percent of them are over that Rs 1 crore figure, don’t you think that will bedevil the sales?
A: I have a very simple take on this. In fact this is one of my favourite topics. When they say that this is a stock, what do they call a stock as stock? Something that I haven’t even started building upon, infact let me tell you that the entire so called inventory in Borivali which I have not even started is now reflecting as stock in the minds of the brokers.
I only want to say that what is a stock, today a ready apartment in Mumbai is not available but if you want to go and buy an apartment, it is so easily sold. So I personally want them to define what is stock. Stock is something that you can buy off the shelves and consume it. Today there aren’t many apartments. A lot of people are promising that they will build, there is a lot to be done.
Merely buying a plot or probably announcing to the world that I am going to do a project is not sufficient, there is a lot that it takes for us to bring it to finality.
Sonia: Can you explain to us how this RBI reducing the risk weights applicable to lower value home loans? How would that impact the company like yours? Will it help you in terms of greater access to develop a funding? Can you throw some light on that?
A: We are not in either low cost or low value housing. Our apartments are a bit more expensive, though I would love to get into that sector if the economics work. Real estate is more driven by sentiments. People have the money, it is just about if the external environment becomes more conducive or like it becomes more positive, people will come out.
Any buyer writes the biggest cheque of his life so he wants to ensure that everything is correct. Everyone is telling you that yes, he is doing a right thing including you all so unless you guys go out and tell them yes, this looks like a good time for people to buy, everyone is very sceptical. This is my big cheque that I write, it is my last opportunity. So the sentiments will change for sure because everyone will want to buy.
Sonia: Can you tell us on an average this Worli project will be at what realisations? What is the average rate over there right now and in Borivali also what kind of realisations would you be looking at?
A: The ticket price per apartment in Worli is about Rs 45 crore and in Borivali will be anywhere more than Rs 2 crore. So that is the segment that we are targeting at Borivali.
Latha: Is that comparable to what it was a year ago, is it lower, is it higher?
A: When we bought Borivali, we bought it with a clear mind that Goregav project sell at anywhere between Rs 4 crore and Rs 5 crore. So we wanted a product, which would be in the western suburbs but at half the price and we are very lucky to get Tata Steel property in the Western suburbs, good location, bang on the highway and one could then design a smaller apartments plus sell them cheaper than what Goregav is today.
More about Oberoi Borivali project: http://www.saturnrealcon.com/property-oberoi-realty-pre-launch-mumbai-borivali-east-SR00191.html
More about Oberoi Other Projects: http://www.saturnrealcon.com/builders-oberoi-realty.html
The RBI cut the rate at which it lends to banks by 0.5 percentage points to 6.75%, a larger reduction than economists had expected. Two of the bank's previous cuts -- made in January and March -- were unscheduled surprises.
Economists said the U.S. Federal Reserve's reluctance to hike rates had given the RBI additional room to maneuver. Shilan Shah of Capital Economics said the size of the interest rate cut was a "major surprise," and a way for the central bank to "front load" looser policy.
Investors cheered the news, sending Mumbai's Sensex into positive territory. But Rajan sounded a note of caution about the health of India's economy.
"In India, a tentative economic recovery is underway, but is still far from robust," Rajan said in a statement. The central bank governor said that global financial markets had become more unstable in recent months, and took note of increased economic risks in China, Brazil, Russia and South Africa.
As a result, he said, the RBI's policy stance "will continue to be accommodative."
Some economists, however, think the central bank is done cutting rates, at least for now.
Shah said that a "turning point may now have been reached," and the RBI was "passing the mantle on to the government and banking sector to drive a sustained economic recovery."
Unlike some other central banks, the RBI is not legally independent, and can be more susceptible to shifting political whims. Rajan, a former IMF chief economist, has been under intense political pressure to cut rates.
But analysts at Societe Generale said that easing inflation -- not politics -- made this rate cut possible.
MUMBAI: The Reserve Bank of India on Tuesday cut its key repo rate by a bigger-than-expected 50 basis points (bps) to 6.75%, with inflation running at record lows and the economy in danger of slowing down.
Rajan kept the cash reserve ratio ( CRR) unchanged at 4%.
The RBI has already eased the policy rate by 75 bps so far this year.
The RBI governor has been under pressure from the finance ministry as well as the industry to cut interest rate to spur economic recovery.
"Since our last review, the bulk of our conditions for further accommodation have been met. The January 2016 target of 6 per cent inflation is likely to be achieved. In the monetary policy statement of April 2015, the Reserve Bank said that it would strive to reach the mid-point of the inflation band by the end of fiscal 2017-18. Therefore, the focus should now shift to bringing inflation to around 5% by the end of fiscal 2016-17," the RBI said.
A rate cut is being seen as a key trigger to boost investment demand in an economy where credit growth has dipped to a multi-year low.
Expectations for a rate cut surged after the release of data showing consumer inflation at a record low of 3.66 per cent in August.
Inflation looks set to undershoot the government's projection of 6 per cent inflation by January 2016.
The economy expanded at a slower-than-expected annualized rate of 7 per cent in the April-June quarter. That is faster than China, but well below the government's target of 8 to 8.5 per cent for the year ending in March.
The stuttering recovery in the growth rate lied behind the calls for the central bank to lower interest rates
Finance minister Arun Jaitley had been one of the biggest votaries of a rate cut and had repeatedly been pointing to the comforting factors that merit a fourth rate cut by RBI this year.
Source: http://goo.gl/6kh1IO , ANI
MUMBAI: In one of the marque residential realty transactions, Bank of America has sold a 5-bedroom luxury sea-view apartment in Mumbai's Malabar Hill to the promoter of an Indian private bank for Rs 39 crore, said persons familiar with the development. The deal values the 12th and 13th floor duplex apartment in IL Palazzo at over Rs 1.11 lakh per sq ft on carpet area and Rs 93,000 per sq ft on built-up basis.
The apartment is spread over a built-up area of 4,200 sq ft and has carpet ..
MUMBAI: Foreign lender Standard Chartered has put its six-storeyed building in sub-urban Goregaon on the block as part of its move to consolidate operations, sources said on Wednesday.
The move is part of a staff redistribution and consolidation process of the bank, the sources said, declining to give an estimate of how much the bank is expecting from the sale of the 2.46 lakh sq ft property, which is built on a plot of around 7,086.5 sq meters.
StanChart had bought the pro ..
NEW DELHI: Construction major Larsen & Toubro (L&T) today said it has bagged new orders worth Rs 1,283 crore in water infrastructure and renewable energy sectors in the country in July and August.
The orders were bagged by Water and Renewable Energy business segment of L&T Construction.
"The Water Supply & Distribution Business along with its joint venture partner NCC Ltd has secured a major order from Uttar Pradesh Jal Nigam for the Japan International Cooperat ..
With volatility in the stock market, and inflation taming down, we expect investors to relook at the residential real estate sector. The improving economic sentiment and upcoming festive season will also help to improve sales primarily in the affordable and mid-income segment homes.
During the second quarter of 2015, an increase in the number of enquiries for residential properties has been observed. However, transaction volumes continued to remain low across major markets barring cities like Bengaluru, Chennai and Pune. We do see green shoots in the good response that some new launched projects have seen this year and developers have continued offering possession-linked payment plans, discounts and freebies to provide much needed comfort to buyers. Capital values remain stable in most cities; however select micro markets with inherent demand witnessed increases in the range of 2 -5% QoQ. Colliers View: With volatility in the stock market, and inflation taming down, we expect investors to relook at the residential real estate sector. The improving economic sentiment and upcoming festive season will also help to improve sales primarily in the affordable and mid-income segment homes. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Gautam Sinha Roy of Motilal Oswal Mutual Fund is of the view that one may prefer Oberoi Realty.
Gautam Sinha Roy of Motilal Oswal Mutual Fund told CNBC-TV18, " Oberoi Realty definitely ranks among the top in terms of quality among the real estate pack. They have a couple of big projects Borivali one as well as the Worli one which they are now going to open for sales and which are big swinging factors for them in terms of cash flows in the future. In balance sheets size of Rs 25,500 crore, almost half of it could be invested in couple of these projects which are going to see cash inflows going forward. So that is definitely a positive trigger. Much will depend on the success of these projects and we are talking in the context of slowing real estate market. So, if they are successful in selling these projects aggressively that will be very good for the stock." Oberoi Realty closed at Rs 267.55, up Rs 15.65, or 6.21 percent. It has touched an intraday high of Rs 276 and an intraday low of Rs 255.