Godrej Properties to develop premium apartments on 15-acre land parcel in Gurugram; shares gain

Godrej Properties to develop premium apartments on 15-acre land parcel in Gurugram; shares gain

The share touched a 52-week high of Rs 1,588.95 and a 52-week low of Rs 1,005.70 on June 15, 2023 and March 29, 2023, respectively.

ICRA and CRISIL announced the enhancement of commercial paper limits to Rs 2,000 crore.

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Godrej Properties share price gained in the early trade on June 26 after the company acquired approximately 15 acres of land in Gurugram, Haryana through an outright purchase for the development of premium residential apartments. The company announced the enhancement in the commercial paper (CP) limits to Rs 2,000 crore from Rs 1,750 crore by ICRA and CRISIL.

Additionally, ICRA has assigned long-term rating of AA+ (stable) for fresh non-convertible debenture (NCD) of Rs 2,000 crore.

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On June 15 the company announced that it will acquire a ~ 7.44 acre land parcel at New Alipore, a premium residential locality in Kolkata, from the West Bengal Housing Infrastructure Development Corporation Ltd., having been declared as the highest bidder in its e-auction.

The company will develop this land parcel as a luxury group housing project.

At 09:32 hrs Godrej Properties was quoting at Rs 1,510.45, up Rs 10.80, or 0.72 percent on the BSE.

The share touched a 52-week high of Rs 1,588.95 and a 52-week low of Rs 1,005.70 on 15 June, 2023 and 29 March, 2023, respectively.

Currently, it is trading 4.94 percent below its 52-week high and 50.19 percent above its 52-week low.

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