Godrej Properties rose 1.15% to Rs 313.30 at 9:47 IST on BSE after the company announced a partnership with Lotus Greens to develop a 4 million square feet residential project in Noida.
The announcement was made during trading hours today, 25 January 2016.Meanwhile, the BSE Sensex was up 177.79 points, or 0.73%, to 24,613.45.
On BSE, so far 3,592 shares were traded in the counter, compared with an average volume of 61,829 shares in the past one quarter. The stock hit a high of Rs 317 and a low of Rs 312 so far during the day. The stock hit a 52-week high of Rs 374.50 on 20 October 2015. The stock hit a 52-week low of Rs 231.55 on 30 April 2015. The stock had underperformed the market over the past one month till 22 January 2016, sliding 9.30% compared with 4.51% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.67% as against Sensex's 10.45% fall.
The mid-cap company has an equity capital of Rs 99.76 crore. Face value per share is Rs 5.
Godrej Properties (GPL), the real estate development arm of the Godrej Group, announced it has entered the Noida real estate market for the first time through a Development Management Agreement to develop a residential group housing project within Lotus Greens Sports City in Sector 150, Noida.
Spread over 36 acres, the project will offer approximately 370,000 square meters (4 million square feet) of saleable area and will be developed as a modern residential development comprising of apartments of various configurations. The site is within the 300 acre integrated sports city township being developed by Lotus Greens. The strategically located sports city has easy access to the Noida-Greater Noida Expressway and is planned to have modern amenities such as a world-class clubhouse, golf course, cricket stadium, tennis center and football academy.
This is GPL's first project in Noida and sixth within the National Capital Region (NCR). Within five years of entering the NCR market, Godrej Properties has established itself as one of the market leaders in Gurgaon in FY15 and hopes to replicate this success in Noida.
On a consolidated basis, Godrej Properties' net profit jumped 127.8% to Rs 106.16 crore on 406.1% growth in net sales to Rs 1444.07 crore in Q2 September 2015 over Q2 September 2014. The company will announce Q3 results on 2 February 2016.
Godrej Properties is currently developing residential, commercial and township projects spread across 10.67 million square meters (115 million square feet) in 12 cities.
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