Godrej Properties gains after adding new project

Godrej Properties rose 1.87% to Rs 239.65 at 10:05 IST on BSE after the company said it added a new project in Mumbai.

The announcement was made during trading hours today, 6 October 2014.

Meanwhile, the BSE Sensex was down 132.71 points, or 0.50%, to 26,435.28.

On BSE, so far 7,542 shares were traded in the counter, compared with an average volume of 79,794 shares in the past one quarter.

The stock hit a high of Rs 242 and a low of Rs 236.30 so far during the day. The stock hit a 52-week high of Rs 262 on 9 June 2014. The stock hit a record low of Rs 153.90 on 30 January 2014.

The stock had outperformed the market over the past one month till 1 October 2014, rising 4.86% compared with 1.11% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 4.04% as against Sensex's 4.12% rise.

The mid-cap company has an equity capital of Rs 99.67 crore. Face value per share is Rs 5.

Godrej Properties, the real estate development arm of the Godrej Group, has entered into a development management agreement to develop a property situated in Badlapur, Mumbai Metropolitan Region (MMR). The project will offer approximately 0.12 million square meters (1.3 million square feet) of saleable area. It will be developed as an affordable housing project.

Pirojsha Godrej, Managing Director & CEO, Godrej Properties, said, "We are happy to add this new project in Badlapur, which strengthens our development portfolio in Mumbai. We will seek to ensure that this project delivers an outstanding lifestyle for all its residents."

On a consolidated basis, Godrej Properties' net profit rose 15.6% to Rs 45.62 crore on 48.6% rise in total income to Rs 362.94 crore in Q1 June 2014 over Q1 June 2013.

Godrej Properties is into real estate development. It is currently developing residential, commercial and township projects spread across 8.83 million square meters (95 million square feet) in 12 cities.

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