Godrej Properties hit fresh all time high; spurts 29% in four days
Godrej Properties jumped 8.13% to Rs 2,108.65, extending its winning run to the fourth consecutive trading session.
Shares of the real estate development company have surged nearly 29% in four trading sessions from its previous closing low of Rs 1,633.90 on 17 September 2021. The counter hit an all-time high of Rs 2,119.80 in intraday today. The stock has surged 151% from its 52-week low of Rs 837.50 recorded on 16 October 2020.
In the last one month, the stock has moved nearly 42.7% higher outperforming the Nifty Realty index which rose 30.5% and the Nifty 50 index which gained 7.3% in the same period.
The counter saw demand after the real estate firm achieved sales of Rs 575 crore in a single day at the launch of the second phase of its project Godrej Woods in Noida (Uttar Pradesh). Godrej Properties announced that it has sold 340 homes with an area of more than half a million square feet on the first day of launch.
On the technical front, the stock’s RSI (relative strength index) stood at 89.586. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 1580.74 and 1473.11 respectively. These levels will act as crucial support zones in the near term.
Godrej Properties entered the NCR Market in 2010 and has until now added 17 projects across 5 cities with 6 projects having already been delivered. The realtor’s consolidated net profit stood at Rs 17.01 crore in Q1 FY22 as compared to a net loss of Rs 19.26 crore in Q1 FY21. Net sales jumped 19.2% to Rs 86.16 crore in Q1 FY22 from Rs 72.29 crore in Q1 FY21.
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