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Godrej Properties share price rises over 9% on record sales performance in Q4

Godrej Properties sold over 2,900 homes with a total area of approximately 3. 75 million sq. ft. and a booking value in excess of Rs 2,100 crore during the quarter.

twitter-logo BusinessToday.In        Last Updated: April 2, 2019  | 12:59 IST
Godrej Properties share price rises over 9% on record sales performance in Q4
Godrej Properties announced that it has achieved its highest ever bookings numbers in Q4 FY19.

Godrej Properties share price rose today after the firm said it has recorded its best-ever quarterly sales performance. Godrej Properties (GPL) announced that it has achieved its highest ever bookings numbers in Q4 FY19. The company sold over 2,900 homes with a total area of approximately 3. 75 million sq. ft. and a booking value in excess of Rs 2,100 crore during the quarter.

The share price rose over 9 per cent intra-day and outperformed the sector by 7.19 per cent intra-day. The share is the top gainer on BSE.

At 11:45 am, the stock was trading at Rs 889.10, 75.80 points or 9.32 per cent up.

Godrej Properties ' stock had a trend reversal after two days of consecutive fall and the share price is just 2.92 per cent away from 52-week high of Rs. 917.

After Godrej Properties' stock opened with a gain of 5.25 per cent, at Rs 856 against the previous close of Rs. 813.30 on BSE, the shares kept making a new intraday high rising from 6 to 9 per cent.

At 11:13 am, the stock created a new high of Rs 892.20, rising 9.7 per cent compared to its previous close.

On NSE, the share price touched an intra-day high of Rs 893.40 against the previous close of Rs 814.70.

The stock saw rising investor participation with 1.76 lakh shares and 22.4 lakh shares changing hands on BSE and NSE (both above the 5,10 and 30-day average volume figures).

Q4 FY19 was Godrej Properties best ever quarter for bookings eclipsing its previous best ever residential sales quarter, achieved in Q3 FY19, by approximately 50%.

As per the filing, the Mumbai-based real estate developer recorded such a drastic performance through the launch of four new projects combined with very strong sales from existing inventory.

The filing also added a statement from the Executive Chairman of Godrej Properties Pirojsha Godrej, who said," I'd like to thank our customers across the country for their belief in Godrej Properties that has allowed us to end the financial year on a very strong note. We look forward to doing our very best to ensure they are delighted with their decision to entrust us with the important responsibility of building their home. We are excited to build on this momentum and deliver another record-breaking year in FY20."

The stock has given positive returns at 22.5 per cent over the year, 48 per cent in six months, 25 per cent in one month and 7.5 per cent over one week, respectively. 

(Edited by Rupa Burman Roy)

Also Read: Share Market Live: Sensex, Nifty pare gains; Bharti Airtel, ONGC, TCS top gainers

Also Read: Godrej Properties sold 2,900 flats in Q4 for over Rs 2,100 cr

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