Godrej Properties gains after acquiring land to build housing project

Godrej Properties rose 1.36% to Rs 341.85 at 10:30 IST on BSE after the company announced that it has acquired a land parcel in South Bangalore to build a housing project.

The announcement was made after market hours yesterday, 21 September 2016.

Meanwhile, the BSE Sensex was up 290.38 points, or 1.02%, to 28,797.80.

On BSE, so far 8,670 shares were traded in the counter, compared with average daily volume of 56,297 shares in the past one quarter. The stock hit a high of Rs 345.95 and a low of Rs 340.20 so far during the day. The stock hit a 52-week high of Rs 386 on 9 August 2016. The stock hit a 52-week low of Rs 266.40 on 29 February 2016. The stock had underperformed the market over the past one month till 21 September 2016, falling 6.91% compared with 1.53% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 0.25% as against Sensex's 6.32% rise.

The mid-cap company has equity capital of Rs 108.18 crore. Face value per share is Rs 5.

Godrej Properties announced that it has acquired a land parcel measuring around 12 acres off Sarjapur Road in South Bangalore. The company plans to develop a residential housing project of approximately 92,900 square meters or around one million square feet. This project will be developed in partnership with Godrej Residential Investment Program II (GRIP II). This is the second project under GRIP II, the $275 million fund which was announced by the company in March 2016.

Godrej Properties had announced on 21 March 2016 that it had created a dedicated real estate funds management business in India and Singapore namely, Godrej Fund Management (GFM). GFM raised a $275 million or Rs 1900 crore pool of capital, Godrej Residential Investment Program II (GRIP II) with Dutch pension fund asset manager APG Asset Management N.V. (APG) as the lead investor. GFM advises GRIP II investors on investments into a residential development platform with Godrej Properties in India.

Godrej Properties' consolidated net profit rose 9.2% to Rs 43.48 crore on 87.6% rise in net sales to Rs 234.76 crore in Q1 June 2016 over Q1 June 2015.

Godrej Properties is a real estate company.

Powered by Capital Market - Live News