Stock in focus: Godrej Properties surges along with above-average volume; know why!

The share of Godrej Properties is trading up by nearly 3 per cent on Monday and the volumes have already surpassed its previous trading session’s volume in the first hour of the trading session itself, which is quite amazing!   

So, what has triggered such a sharp price and volume move in the stock? Godrej Properties, one of India’s leading real estate developers, announced that it has entered into a joint venture with TDI Group to develop an ultra-luxury residential project in Connaught Place, one of the most premium locations within the Central Business District of New Delhi.  

The project is estimated to have a developable potential of approximately 1.25 lakh square feet saleable area comprising primarily of residential apartments of various configurations. The site is centrally located and offers excellent connectivity, well-developed social & civic infrastructure with Delhi’s best schools, hospitals, retail as well as commercial spaces in close proximity.   

On an MTD basis, the stock is up by 3.56 per cent while on a YTD basis, it is up by 44 per cent.