Godrej Properties enters into JV with Nirmal Ventures

India Infoline News Service | Mumbai | September 14, 2017 10:57 IST

The share of Godrej Properties surged by nearly 2% during Thursday’s trading session after the company announced that it has entered into a joint venture with Nirmal Ventures for developing a residential project located at in Thane, near Mumbai.

The share of Godrej Properties surged by nearly 2% during Thursday’s trading session after the company announced that it has entered into a joint venture with Nirmal Ventures for developing a residential project located at in Thane, near Mumbai.
 
This project will be constructed under a development management agreement. The project is strategically located with easy access to the Eastern Express Highway. The location offers extremely well developed social and civic infrastructure with multiple schools, hospitals, retail malls and residential and commercial spaces in close proximity.
 
Pirojsha Godrej, Executive Chairman, Godrej Properties said, “We are happy to add this new project in Thane, a key micro-market of Mumbai. This strengthens our development portfolio in Thane and fits well with our strategy of deepening our presence in key markets across India’s leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents.”
 
The stock was trading up by 1.55% at Rs 642 per share on BSE at 0957 hours. It opened at Rs 652 per share. The stock has attracted total traded volume of 82,572 shares and traded value of Rs 536.22 lakh on NSE at 0957 hours.
 
The company’s consolidated revenue for the quarter came in at Rs. 249 crore, registering 18.1% yoy decline. The PAT for the quarter came in at Rs. 23.4 crore, yoy decline of 46.2%. The decline in PAT was attributed to a significant jump in finance cost to Rs 31.5 crore as against Rs. 13.8 crore in corresponding quarter of last year. 

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