Godrej Properties rose 4.85% to Rs 261.70 at 10:00 IST on BSE after the company said it has entered into an agreement with Godrej & Boyce to develop a new mixed-use project on the property at Pirojshanagar, Vikhroli West, Mumbai.
The announcement was made after market hours yesterday, 29 December 2014.
Meanwhile, the S&P BSE Sensex was up 21.54 points or 0.08% at 27,417.27.
On BSE, so far 44,000 shares were traded in the counter as against average daily volume of 3.65 lakh shares in the past two weeks.
The stock hit a high of Rs 268.90 and a low of Rs 256.05 so far during the day.
Godrej Properties said that it has entered into an agreement with Godrej & Boyce (G&B) to develop a new mixed-use project on the property at Pirojshanagar, Vikhroli West, Mumbai.The potential saleable area in this project will be approximately 110,000 square meters (1.2 million sq. ft.). Godrej Properties will act as development manager and will work with G&B on the conceptualisation, design, sales, and marketing of the project. For its services, Godrej Properties will receive a fee equal to 10% of the revenue generated from the development. The costs for design and construction of the development will be borne by Godrej & Boyce in its role as owner-developer while the cost for sales and marketing will be borne by Godrej Properties in its role as development manager.
Separately, Godrej Properties said after market hours yesterday, 29 December 2014 that its wholly owned subsidiary, Godrej Projects Development (GPDPL), has acquired 49% of the paid-up share capital and entire debentures of Godrej Premium Builders (GPBPL), a subsidiary of the company, from Madhavi SA Investments LLC and Madhavi Ventures (the investors).
On a consolidated basis, Godrej Properties' net profit rose 36.1% to Rs 46.60 crore on 0.7% decline in net sales to Rs 285.36 crore in Q2 September 2014 over Q2 September 2013.
Godrej Properties is into real estate development.
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