Godrej Properties lost 1.84% to Rs 617.95 at 10:37 IST on BSE, with the stock sliding on profit booking after the company said it has entered into a development management agreement with United Oxygen Company, to develop a property in Bengaluru.
The company made the announcement after market hours on Thursday, 2 May 2013.
Meanwhile, the S&P BSE Sensex was down 74.14 points or 0.38% at 19,661.63.
On BSE, 1,061 shares were traded in the counter as against average daily volume of 11,676 shares in the past one quarter.
The stock hit a high of Rs 630 and a low of Rs 617 so far during the day. The stock had hit a 52-week low of Rs 482 on 2 August 2012. The stock had hit a 52-week high of Rs 689 on 7 December 2012.
The stock had outperformed the market over the past one month till 2 May 2013, surging 10.57% compared with the Sensex's 3.65% rise. The scrip had also outperformed the market in past one quarter, rising 1.02% as against Sensex's 0.23% fall.
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The mid-cap company has equity capital of Rs 78.05 crore. Face value per share is Rs 10.
Shares of Godrej Properties (GPL) had risen 4.9% in two trading sessions to settle at Rs 629.55 on Thursday, 2 May 2013, from a recent low of Rs 600.10 on 29 April 2013.
GPL said that the project in Bengaluru will offer approximately 10 lakh square feet of saleable area and will be developed as a residential housing project. The proposed Phase 2 of the Bangalore Metro will enhance the connectivity to the project, GPL added.
Commenting on the development, Mr. Pirojsha Godrej, MD & CEO, GPL said, "We are happy to enter into an agreement for a new project in Whitefield. This project will be designed to be a landmark development in the location and will further build our presence in Bengaluru, which has been one of India's best performing real estate markets. The development management model fits well with our strategy of capital efficient growth".
Godrej Properties' consolidated net profit rose 24% to Rs 35.48 crore on 68.6% growth in net sales to Rs 241.11 crore in Q3 December 2012 over Q3 December 2011.
Godrej Properties is a real estate developer. The company is currently developing residential, commercial and township projects spread across 82 million square feet in 12 cities across India.
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