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Godrej Properties shares gain over 4%. Here’s why

New Delhi: Shares of on Monday gained over 4 per cent after the firm said it plans to invest more than USD 1 billion over the next couple of years to acquire and develop new projects as part of its target to achieve higher growth. The stock jumped 4.19 per cent to Rs 1,542.20 on the BSE.

At the NSE, it gained 4.15 per cent to Rs 1,542.

Godrej Properties Ltd (GPL) plans to invest more than USD 1 billion over the next couple of years to acquire and develop new projects as part of its target to achieve higher growth, its Executive Chairman Pirojsha Godrej has said.

Addressing shareholders in the company’s annual report, he highlighted that, for the first time, Godrej Properties was “India’s largest developer by the value and volume of sales it achieved.”

The company’s sales bookings grew 14 per cent to a record Rs 6,725 crore last fiscal despite adverse impact of the COVID pandemic, surpassing nearly Rs 6,000 crore clocked by Macrotech Developers (erstwhile Lodha Developers.)

“We sold 9,345 homes at an average of over 25 homes per day,” said Pirojsha. The executive chairman highlighted that the company in March raised Rs 3,750 crore through Qualified Institutional Placement (QIP) process.

“Our QIP in March raised Rs 3,750 crore, and allowed your company to end the year with a net cash balance sheet,” he said.

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