Godrej Properties rises after forming JV for residential project

Godrej Properties rose 2.93% to Rs 651.45 at 9:25 IST on BSE after the company announced that it has entered into a joint venture with Nirmal Ventures for developing a residential project located on the Lal Bahadur Shastri Marg, Thane West.

The announcement was made before market hours today, 14 September 2017.

Meanwhile, the S&P BSE Sensex was up 111.03 points, or 0.34%, to 32,297.44.

On the BSE, 6,110 shares were traded in the counter so far, compared with average daily volumes of 35,874 shares in the past one quarter. The stock had hit a high of Rs 655.05 and a low of Rs 641.50 so far during the day. The stock had hit a record high of Rs 679.25 yesterday, 13 September 2017. The stock had hit a 52-week low of Rs 285 on 21 November 2016.

The large-cap company has equity capital of Rs 108.24 crore. Face value per share is Rs 5.

Godrej Properties said that the project will be developed under a development management agreement. Spread over 14 acres, the project will offer approximately 1.95 lakh square metres (2.1 million square feet) of saleable area and will be developed as a residential development comprising of modern residential apartments of various configurations along with a small retail component to support this residential development.

Godrej Properties' consolidated net profit fell 46.2% to Rs 23.37 crore on 18.2% decline in net sales to Rs 248.65 crore in Q1 June 2017 over Q1 June 2016.

Godrej Properties is a real estate developer.

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