Godrej Properties up on deal with Shubh Properties

Shares of Godrej Properties were up over 1% at Rs 507 after the company announced an agreement with Shubh Properties for a residential project in the eastern suburbs of Mumbai.

Shares of Godrej Properties were up over 1% at Rs 507, in an otherwise sluggish market, after the company announced an agreement with Shubh Properties for a re-development residential project in the eastern suburbs of Mumbai.

The Company along with its subsidiary Godrej Projects Development Private Limited (GPDPL) has entered into an agreement with Shubh Properties Cooperatief U. A, and others, inter alia, to transfer 49% of the equity share capital held by GPDPL in its subsidiary Godrej Redevelopers (Mumbai) Private Limited for its project at Sahakar Nagar II, Chembur, Mumbai, Godrej Properties said in a release to the stock exchange late Monday.

The stock opened at Rs 506 and touched an intra-day high of Rs 512 so far. Over 2,500 shares were traded in early deals on both the stock exchanges.