Godrej Properties rose 2.56% to Rs 196.50 at 10:08 IST on BSE after the company said it has entered into a partnership to develop a residential project at Old Mahabalipuram Road in Chennai.
The company made the announcement after trading hours on Thursday, 27 March 2014.
Meanwhile, the BSE Sensex was up 56.92 points, or 0.26%, to 22,271.29.
On BSE, so far 40,000 shares were traded in the counter, compared with an average volume of 71,040 shares in the past one quarter.
The stock hit a high of Rs 197.90 and a low of Rs 197.90 so far during the day. The stock hit a 52-week high of Rs 296.76 on 9 May 2013. The stock hit a record low of Rs 153.90 on 30 January 2014.
The stock had outperformed the market over the past one month till 27 March 2014, rising 15.53% compared with the Sensex's 5.85% rise. The scrip had also outperformed the market in past one quarter, rising 14.35% as against Sensex's 4.82% rise.
The mid-cap company has an equity capital of Rs 99.62 crore. Face value per share is Rs 5.
Godrej Properties announced that it has entered into a partnership with SSPDL Green Acres LLP to develop a residential project at Padur, Old Mahabalipuram Road (OMR), near Siruseri IT Park, in Chennai.
The proposed project, spread over 7 acres, will offer approximately 93,000 square meters (1 million sq. ft.) of saleable area and will be developed as a modern group housing residential development comprising 1, 2 & 3 BHK apartments, the company said in a statement.
Like most Godrej Properties' projects, this project is being developed through the profit sharing model, it added.
The location offers excellent connectivity to all key areas in Chennai including the East Coast Road (ECR) and Grand Southern Trunk (GST) road. The project will also benefit from the rapidly developing social infrastructure and Information Technology zones surrounding it. Furthermore, proposed infrastructure developments like the expressway from Taramani and improved train connectivity are expected to provide impetus to the growing real estate environment of OMR, the company said.
Mr. Pirojsha Godrej, MD & CEO, Godrej Properties said, "We are happy to add our second project in Chennai. This new deal fits well with our strategy of adding quality residential projects across India's leading real estate markets."
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 8.83 million square meters (95 million square feet) in 12 cities.
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