India's Godrej Properties rises on strong sales from Bengaluru project launch

Godrej Properties

02/07/2024 06:26

** Shares of property developer Godrej Properties  GODR.NS 
rise 3.6% to 3,272 rupees
    ** Co sells over 2,000 homes worth over 31.50 bln rupees 
($377.1 mln) at the launch of its project in Bengaluru
    ** Co adds this is its most successful launch in terms of
value and volume of sales achieved 
    ** Stock among top gainers in Nifty realty index
 .NIFTYREAL , which is up 1.3%
    ** Peers Brigade Enterprises  BRIG.NS  and Sobha  SOBH.NS  
up 2.2% and 4% respectively
    ** Godrej, rated "buy" on an average, is currently trading
higher than median TP of 2,691 rupees of 16 analysts covering
the stock - LSEG data
    ** Stock has risen 62.5% YTD, while BRIG rose ~54% and Sobha
~107%
    


($1 = 83.5225 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.das@thomsonreuters.com))