Shriram Properties shares jump 3% as company launches new project

The uptick in the stock price follows the news that the company has launched a new project under the 'Codename - Pudhiya Chennai', an apartment project situated in the neighbourhood of Chennai

Shares of a leading real estate developer in South India, Shriram Properties, jumped 2.89 per cent to a day’s high of Rs 134 during the intra-day deals on the NSE on Wednesday. The uptick in the stock price follows the news that the company has launched a new project under the ‘Codename - Pudhiya Chennai’, an apartment project situated in the Thirumazhisai neighbourhood of Chennai.

“Strategically located in the rapidly growing West Chennai corridor, this RERA-approved development offers a total saleable area of 1.1 million sq. ft and has a revenue potential of around Rs 550-600 crores. This new offering from Shriram Properties presents a compelling opportunity for buyers,” said Shriram Properties in an exchange filing.

Vivek Venkateswar, Chief Sales & Marketing Officer, Shriram Properties, said, “Shriram Properties has an in-depth understanding of Chennai’s dynamic landscape, having successfully delivered numerous world-class projects across the city. Our extensive presence and experience in the region enable us to create developments that align with the city’s character while meeting the evolving needs of its residents. This micro market is a perfect combination of connectivity and lifestyle, making it an attractive choice for customers. With its strategic proximity to major transport hubs and expanding infrastructure, we are confident that this project will deliver long-term value and strong appreciation, ensuring our customers a highly rewarding investment."

Shriram Properties is one of the leading residential real estate development companies in South India, primarily focused on the mid-market and mid-market premium housing categories. We are also present in the plotted development segment. As of September 25, 2024, Shriram Properties commands a market capitalisation of Rs 2,238.44 crore on the NSE.

Shriram Properties shares have a 52-week range of Rs 147.60-82.20 on the NSE. The company’s shares have yielded a return of 6.42 per cent year-to-date.

At around 02:42 PM on Wednesday, shares of Shriram Properties were quoted trading at Rs 131.42, up 0.91 per cent from its previous close of Rs 130.23 on the NSE. Till now, nearly 32.78 lakh shares of the company worth around Rs 43.03 crore exchanged hands on the NSE.