Clocked Upper circuit: This real estate stock soars over 5 per cent after record-breaking sales
The company's record-breaking sales performance in Q4FY24 and FY24, which likely boosted investor confidence, has led to a significant increase in the stock price.
Godrej Properties Ltd. (GODREJPROP), a leading player in India's real estate construction sector, witnessed a surge in its stock price The stock surged by 5.45 per cent, reaching an upper circuit limit of Rs 2791.20 from the previous day's closing of Rs 2587.95. This significant rise comes on the heels of the company's announcement of record-breaking sales performance for both Q4 FY24 and the entire fiscal year FY24. The positive news likely fueled investor confidence, driving the stock price up to its daily limit.
Looking deeper into the data, we see the stock's intraday high reached Rs 2,791.20, inching closer to its 52-week high of the same value. The current market capitalization of Godrej Properties stands at a substantial Rs 75,877.52 crore. It's also categorized as a Group A stock with a T+1 settlement type, indicating faster trade settlement compared to some other categories. Notably, the stock is included in the S&P BSE 200 index, reflecting its importance within the Indian stock market.
Godrej Properties Limited (GPL) has achieved record-breaking sales performance in Q4FY24 and the entire fiscal year, solidifying its position as a leading national developer in the Indian real estate market. The company's booking value increased by 135 per cent YoY to over Rs 9,500 crore, exceeding its annual booking value in FY22. The company also achieved an exceptional 84 per cent YoY growth in booking value, reaching Rs 22,500 crore, surpassing even its initial guidance for the year.
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The company achieved 161 per cent of its FY24 booking value guidance, driven by a 31 per cent volume growth to 20 million sq. ft. and a strategic improvement in project mix. Q4FY24 sales volume surged by 56 per cent to 8.17 million sq. ft., further solidifying the strong demand. Godrej Properties dominated key markets, with NCR and MMR experiencing surges in bookings. The company's landmark launches, Godrej Zenith and Godrej Reserve, also achieved impressive booking values.
Godrej Properties, a leading real estate developer in India, is known for its commitment to innovation, sustainability, and excellence. With a 127-year history of excellence and trust, Godrej Properties has a focus on cutting-edge design, technology, and sustainability. In FY 2021, they became the largest developer in India by residential sales volume. In 2010, they committed to third-party certified green buildings.
GPL has been ranked #1 globally for sustainability and governance practices by the Global Real Estate Sustainability Benchmark. In 2017, they were a founding partner of the Sustainable Housing Leadership Consortium (SHLC) to promote sustainable development practices in the Indian real estate sector. Godrej Properties has received over 400 awards, including the Porter Prize 2019, The Most Trusted Real Estate Brand, Builder of the Year, and The Economic Times Best Real Estate Brand 2018.
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Disclaimer: The article is for informational purposes only and not an investment advice.