India's Shriram Properties climbs on joint investment in Chennai realty project

Shriram Properties

23/08/2023 09:20

** Shares of Shriram Properties  SRIP.NS  rise as much as
8.83% to 86.90 rupees, their highest since Dec 6, 2022
    ** South India-based real estate developer and ASK Property
Fund announce a joint investment of 2.06 bln rupees in a
residential project in Chennai, SRIP says in an exchange filing
    ** With the total saleable area of 1.9 mln square feet, the
project has an aggregate revenue potential of 12 bln rupees over
five years: Shriram 
    ** Co and ASK Property Fund evaluating further opportunities
to co-invest in residential projects in Bengaluru, Chennai and
Hyderabad
    ** Trading volume at 14.92 mln shares, six times the 30-day
avg - Refinitiv data
    ** Relative strength above 70 since Aug 22, suggesting the
stock may be overbought
    ** Including session's gains, SRIP up 12% so far this year
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))