Godrej Properties gains after signing a large residential project in Pune

Godrej Properties rose 2.06% to Rs 186 at 15:18 IST on BSE after the company said it has entered into a partnership to develop a residential project in Mundhwa, Keshavnagar, Pune.

The company made the announcement during trading hours today, 26 March 2014.

Meanwhile, the S&P BSE Sensex was up 42.56 points or 0.19% at 22,097.77.

On BSE, so far 1.05 lakh shares were traded in the counter as against average daily volume of 67,627 shares in the past one quarter.

The stock hit a high of Rs 187.90 and a low of Rs 182.75 so far during the day. The stock had hit a 52-week high of Rs 296.76 on 9 May 2013. The stock had hit a record low of Rs 153.90 on 30 January 2014.

The stock had outperformed the market over the past one month till 25 March 2014, surging 8.58% compared with the Sensex's 5.77% rise. The scrip had also outperformed the market in past one quarter, jumping 8.81% as against Sensex's 4.86% rise.

The mid-cap company has equity capital of Rs 99.62 crore. Face value per share is Rs 5.

Godrej Properties said that the residential project spread over 43 acres, will offer approximately 2.8 million square feet (msf) of saleable area and will be developed as a premium residential development comprising 1,2,3 and 4 BHK apartments.

Like most Godrej Properties' projects, this is a joint venture (JV) project, with the company getting 35% of the profits from the project, Godrej Properties said in a statement.

Mr. Pirojsha Godrej, MD & CEO, Godrej Properties said, "We are very happy to have added a large new residential project in Pune to our portfolio. This fits well with our strategy of entering partnerships for residential developments in the best locations within India's largest real estate markets. Over the years, Godrej Properties has built a number of landmark properties in Pune and this project is our eighth project in Pune. We will seek to ensure this delivers its residents an outstanding quality of life".

On a consolidated basis, Godrej Properties' net profit rose 5.3% to Rs 37.36 crore on 11.3% decline in net sales to Rs 213.96 crore in Q3 December 2013 over Q3 December 2012.

Godrej Properties is into real estate development. It is currently developing residential, commercial and township projects spread across 8.73 million square meters (94 million square feet) in 12 cities.

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