Shares of Godrej Properties rallied 14% to Rs 575 on the National Stock Exchange (NSE) on the back of heavy volumes after the company announced that it has sold over 1000 apartments across three new project launches since March 2017.
The trading volumes on the counter jumped more than 8-fold with a combined 3.35 million shares exchanging hands on NSE and BSE till 10:09 am.
“The Mumbai-based real estate developer receives an overwhelming response to its new project launches in- Godrej Origins at The Trees in Mumbai, The Suites at Godrej Golf Links in Greater Noida and Godrej 24 at Hinjawadi, Pune since March 2017,” Godrej Properties said in a press release.
Meanwhile, the board of directors of the company is scheduled to meet on Thursday, May 4, 2017, to consider and approve the financial results of the company for the quarter and year ended March 31, 2017.
“Godrej Properties could report some drop in earnings QoQ, though they should rise significantly YoY (Q4FY16 included one-time cost recognition of Rs 16 crore related to commercial projects),” according to Edelweiss Securities.
The brokerage firm expects revenues to be driven by the percentage of completion method (POCM) based recognition from ongoing projects and some from first time project recognition.
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