Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Godrej Properties Shares Climb over 8.5% to Hit Record High

The QIP committee of the board of directors, at its meeting held on Saturday, approved the issue and allotment of over 2.26 crore equity shares to eligible qualified institutional buyers at the issue price of Rs 928 per share, said Godrej Properties.

Trending Desk

Updated:July 1, 2019, 3:59 PM IST
facebookTwitterskypewhatsapp
Godrej Properties Shares Climb over 8.5% to Hit Record High
Godrej Properties Logo (www.godrejproperties.com)
Loading...

Godrej Properties Ltd shares climbed over 8.5% in intraday trade on Monday to hit record highs after the company said over the weekend that it has raised Rs 2,100 crore by issuing equity shares to qualified institutional buyers (QIBs).

The QIP (qualified institutional placement) committee of the board of directors, at its meeting held on Saturday, approved the issue and allotment of over 2.26 crore equity shares to eligible qualified institutional buyers at the issue price of Rs 928 per share, said Godrej Properties.

“Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased from Rs 114.69 crore consisting of 22.93 crore shares to Rs 126.01 consisting of 25.2 crore shares,” it added.

The QIP issue had opened on 25 June and closed on 28 June 2019. Godrej Properties proposed to use the funds from the issue to invest in its subsidiaries and joint ventures to meet the funding requirements for existing and new development projects and debt repayment.

At 2:59pm, shares of Godrej Properties were trading at Rs 1,077.40, up 7.8%, on BSE.

Meanwhile, shares of other realty companies also jumped in trade on Monday. The BSE Realty sector was trading higher by 2% in afternoon trade. Among specific stocks, Sunteck Realty Ltd jumped 5%, Phoenix Ltd was trading higher by 2.6%, Oberoi Realty was up 2% and Indiabulls Real Estate Ltd rose 1.7%.

According to a recent research report by JP Morgan, the seven-year residential down cycle that started in 2011 has ended, as is evident from the rising sales and falling debt levels of the large real estate developers. The debt levels of listed players have gone down and their rising cash levels provide the scope for new launches.

Another report by Deutsche Bank states that the interest rate cycle is turning in favour of the real estate sector, and will support developers’ earnings outlook.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 68.55 0.88
Maruti Suzuki 6,450.30 0.91
Tata Motors 129.55 1.25
HDFC Bank 2,257.45 -0.59
Axis Bank 674.25 1.71
Company Price Change %Gain
IEX 118.10 -9.71
Yes Bank 68.60 0.96
Reliance 1,225.55 1.26
Tata Motors 129.55 1.25
Maruti Suzuki 6,449.80 0.91
Top Gainers
Company Price Change %Gain
BPCL 408.55 6.34
IOC 130.10 4.58
Titan Company 1,123.40 3.43
GAIL 129.25 2.78
ICICI Bank 413.40 2.66
Company Price Change %Gain
Vedanta 149.20 2.72
ICICI Bank 413.25 2.61
ONGC 128.80 2.34
Kotak Mahindra 1,483.55 1.79
Axis Bank 674.35 1.74
Top Losers
Company Price Change %Gain
Bharti Airtel 343.05 -1.29
Dr Reddys Labs 2,731.55 -1.28
Sun Pharma 422.85 -1.16
HDFC Bank 2,257.45 -0.59
ITC 239.90 -0.35
Company Price Change %Gain
Bharti Airtel 342.75 -1.35
Sun Pharma 423.25 -1.04
HDFC Bank 2,256.25 -0.62
ITC 239.95 -0.35
HUL 1,804.80 -0.10

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results