Godrej Properties gains after adding new residential project in Pune

Godrej Properties rose 1.08% to Rs 308 at 9:33 IST on BSE after the company said it entered into a partnership to develop a residential group housing project in Pune.

The announcement was made before market hours today, 30 December 2016.

Meanwhile, the BSE Sensex was up 171.81 points, or 0.65%, to 26,537.96.

On the BSE, so far 512 shares were traded in the counter, compared with average daily volumes of 32,965 shares in the past one quarter. The stock had hit a high of Rs 308.50 and a low of Rs 306.60 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 outperformed the market over the past 30 days till 29 December 2016, rising 1.20% compared with the 1.08% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 12.15% as against Sensex's 5.38% decline.

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

Godrej Properties (GPL) announced that it has entered into a partnership to develop a residential group housing project in the prime locality of Bavdhan, West Pune. Spread over 5.5 acres, the project will offer approximately 52,000 square metres (560,000 square feet) of saleable area and will be developed as a modem residential development comprising of apartments of various configurations.

The site is strategically located just off the Mumbai-Bangalore bypass and very close to the prime residential micro market of Kothrud. It is situated on main Paud road within PMC limits and is well connected to Hinjewadi IT Park. This project will be developed under the profit share arrangement.

On a consolidated basis, net profit of Godrej Properties declined 77.40% to Rs 23.48 crore on 76.59% decline in net sales to Rs 305.60 crore in Q2 September 2016 over Q2 September 2015.

Godrej Properties is a real estate developer. It is currently developing residential, commercial and township projects spread across approximately 11.98 million square meters (129.56 million square feet) in 12 cities.

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