Godrej Properties spurts after strong response for new projects

Godrej Properties jumped 9.81% to Rs 554.65 at 13:36 IST on BSE after the company announced that it has sold over 1,000 apartments across three new project launches since March 2017.

The announcement was made before market hours today, 3 May 2017.

Meanwhile, the S&P BSE Sensex was down 10.66 points, or 0.04%, to 29,910.52

On the BSE, so far 9.62 lakh shares were traded in the counter, compared with average daily volumes of 67,835 shares in the past one quarter. The stock hit a high of Rs 585.05 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 512.90 so far during the day. The stock hit a 52-week low of Rs 285 on 21 November 2016.

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

Godrej Properties announced that the company has sold over 1,000 apartments across three new project launches Godrej Origins at The Trees in Mumbai, The Suites at Godrej Golf Links in Greater Noida, and Godrej 24 at Hinjawadi, Pune since March 2017.

Godrej Origins at The Trees in Mumbai witnessed sales of 130 apartments within the first week of launch. The Suites at Godrej Golf Links in Greater Noida received a tremendous response with 500 apartments being sold within the first month of its launch, Godrej Properties said. Godrej 24 in Pune saw sales of over 450 apartments within the launch weekend, the company said.

On a consolidated basis, net profit of Godrej Properties surged 185.51% to Rs 77.26 crore on 133.7% rise in net sales to Rs 502.03 crore in Q3 December 2016 over Q3 December 2015.

Godrej Properties is a real estate developer. It is currently developing residential, commercial and township projects spread across approximately 13 million square meters (133 million square feet) in 12 cities.

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