Godrej Properties builds on new residential project

Godrej Properties rose 2.3% to Rs 519.55 at 10:52 IST on BSE after the company said its wholly-owned subsidiary has signed an agreement to redevelop a private society owned property at Ghatkopar in Mumbai.

Meanwhile, the BSE Sensex was down 6.49 points or 0.04% to 17,229.69.

On BSE, 1,795 shares were traded in the counter as against average daily volume of 4,927 shares in the past one quarter.

The stock hit a high of Rs 521 and a low of Rs 513.05 so far during the day.

The mid-cap stock had underperformed the market over the past one month till 31 July 2012, falling 3.76% compared with the Sensex's 1.11% fall. The scrip had also underperformed the market in past one quarter, sliding 14.88% as against Sensex's 0.48% fall.

Godrej Properties (GPL) said its wholly-owned subsidiary, Godrej Projects Development Private (GPDPL) signed an agreement for redevelopment project at Ghatkopar in Mumbai. This project is spread over 2.5 acres with approximately 1.85 lakh sq. ft of free sale area. GPDPL has signed a development agreement with Mukund Co-operative Housing Society for this project, GPL said in a statement.

Commenting on the development, Mr. Pirojsha Godrej, Managing Director & CEO, Godrej Properties said, "We are pleased to announce this new redevelopment project in Ghatkopar. This is the third redevelopment project we have signed in the city this year. This project fits in well with Godrej Properties' strategy of building our presence in high quality locations across Mumbai".

GPL's consolidated net profit jumped 70.6% to Rs 17.16 crore on 63% growth in net sales to Rs 211.98 crore in Q1 June 2012 over Q1 June 2011.

Established in 1990, Godrej Properties (GPL) has completed several landmark projects and is currently developing significant projects in 12 cities across India.

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