Godrej Properties declines in five consecutive sessions despite positive business cues
The shares of Godrej Properties have declined for the fifth consecutive day amid positive sentiments in the street. The stock price moved in a downward direction in spite of the company's announcement of two projects in Mumbai and Bengaluru.
The company, during a week’s time, announced that it has added a project, which has 20 acres in Mumbai with 1,39,000 square metres saleable area, as a mix of residential apartments along with commercial spaces. The other project, which is in Bengaluru, spreads across approximately 15 acres, 0.15 million square metres of potential saleable area, comprising of residential apartments.
The standout highlights for the company in the first quarter were positive and it was able to grow booking value YoY by over 70 per cent to Rs 1,531 crore, through the sales of 2,130 homes, with a total area of 2.51 million square feet. During the quarter, the company also raised Rs 1,000 crore via allotment of unsecured, redeemable, nonconvertible debentures on a private placement basis for a term of 3 years at 7.5 per cent.
At 2.00 pm on Wednesday, the stock of Godrej Properties was trading at Rs 875, down by 1.5 per cent on BSE.