India's Shriram Properties jumps on qtrly update, outlook

Shriram Properties

19/01/2022 06:04

** Shares of the real estate co  SRIP.NS  up as much as 5.3%
to 108.80 rupees, extending gains for second straight session 
    ** Co says https://bit.ly/3rvHvpZ Q3 total collections was
around 3.37 bln rupees  ($45.16 mln), up 21% Y-o-Y
    ** Co says in Q3 had sales volumes of 1.03 mln square feet,
helped by new launches
    ** SRIP says at the end of Q3, it had near-zero inventory in
completed projects, nearly 85% of inventories in ongoing
projects have been sold already
    ** SRIP adds it "remains positive on immediate term and
long-term prospects, given strong sector fundamentals, supported
by low interest rates, stable prices, improving purchasing power
and fiscal incentives from the govt for home buyers"
    ** More than 3.7 mln shares traded by 0550 GMT, 0.7x times
their 30-day avg
    ** As of last close, SRIP was up 20.1% this year 

($1 = 74.6225 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))