Godrej Properties rose 3.72% to Rs 193.55 at 14:13 IST on BSE, with the stock extending Wednesday's 2.39% gains triggered by the company entering into a partnership to develop a residential project in Mundhwa, Keshavnagar, Pune.
Meanwhile, the S&P BSE Sensex was up 163.01 points or 0.74% at 22,258.31.
On BSE, so far 1.34 lakh shares were traded in the counter as against average daily volume of 69,116 shares in the past one quarter.
The stock hit a high of Rs 195.60 and a low of Rs 188 so far during the day. The stock had hit a 52-week high of Rs 296.76 on 9 May 2013. The stock had hit a record low of Rs 153.90 on 30 January 2014.
The stock had outperformed the market over the past one month till 26 March 2014, surging 12.51% compared with the Sensex's 5.28% rise. The scrip had also outperformed the market in past one quarter, jumping 11.17% as against Sensex's 4.84% rise.
The mid-cap company has equity capital of Rs 99.62 crore. Face value per share is Rs 5.
Shares of Godrej Properties have surged 6.2% in two trading sessions from Rs 182.25 on 25 March 2014, after the company during trading hours on Wednesday, 26 March 2014 said it has entered into a partnership to develop a residential project in Mundhwa, Keshavnagar, Pune. The stock had risen 2.39% to settle at Rs 186.60 on Wednesday, 26 March 2014.
Godrej Properties said that the residential project spread over 43 acres, will offer approximately 2.8 million square feet (msf) of saleable area and will be developed as a premium residential development comprising 1,2,3 and 4 BHK apartments.
Like most Godrej Properties' projects, this is a joint venture (JV) project, with the company getting 35% of the profits from the project, Godrej Properties said in a statement.
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 8.73 million square meters (94 million square feet) in 12 cities.
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