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Godrej Properties stock soars

Stock of realty firm Godrej Properties today gained over 7 per cent.

Written by Agencies | Mumbai | Published: July 3, 2012 8:35:29 pm

Stock of realty firm Godrej Properties today gained over 7 per cent,adding as much as Rs 156 crore to its market capitalisation in just a single trading session.

Shares of the company,which had jumped more than 7 per cent to a high of Rs 560 on the BSE,settled for the day with gains of over 3.24 per cent.

Accordingly,the market capitalisation of the company increased to Rs 4,212 crore from Rs 4,056 crore yesterday,making gains of Rs 156 crore.

The property fund,led by Dutch firm APG Sparinvest Property Investors,aims to develop mid-income residential projects in the big cities.

The fund will focus primarily on development of mid- income residential projects in Mumbai,Delhi NCR,and Bangalore and may also consider opportunities in Pune and Chennai.

“The platform will enable Godrej Properties to capture outright land purchase transactions in the present dislocated market conditions without deviating from its asset light model and is expected to generate substantial earnings over the next seven years,which will contribute significantly to the company’s growth,” a company statement said.

Shares of the company had plunged to 52-week low of Rs 519 on the BSE yesterday.

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