Godrej Properties advanced 2.55% to Rs 924.25 after the company said it added four new residential projects to its development portfolio.
Godrej Properties announced the addition of three new projects in MMR in the micro markets of Navi Mumbai, Ambernath, and Thane and one new project in North Bangalore. These new projects will add approximately 1.18 million square metres (12.70 million sq. ft.) to its development portfolio.
These projects will significantly enhance the company's portfolio and strengthen its presence in key markets across India's leading cities. The announcement was made during market hours yesterday, 12 December 2019.
Shares of Godrej Properties gained 4.62% in two trading sessions to its current market price of Rs 924.25 from its recent closing low of Rs 883.40 on Tuesday, 10 December 2019.
Meanwhile, the S&P BSE Sensex was up 269 points or 0.67% to 40,681.74.
In the past one month, shares of Godrej Properties fell 1.08% to its current market price of Rs 924.25, underperforming the Nifty Realty index's 1.54% rise in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 54.258. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading below its 50-day moving average (DMA) placed at Rs 946.69, but above its 200 DMA placed at Rs 895.80.
Godrej Properties' consolidated net profit surged 49.6% to Rs 30.78 crore on 34% drop in net sales to Rs 259.67 crore in Q2 September 2019 over Q2 September 2018.
Godrej Properties is engaged in construction and real estate development. The firm focuses on developing residential, commercial and township projects spread across approximately 11.89 million square meters in over 10 cities.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
