Shares of Godrej Properties Ltd. hit a four-week high on Thursday after it acquired land for its luxury residential project in Kolkata.
The company has acquired a 7.44-acre land parcel at New Alipore from the West Bengal Housing Infrastructure Development Corp. via an e-auction.
Godrej Properties estimates the project to have a developable potential of almost 9.8 lakh square feet and a revenue potential of Rs 1,200 crore.
Shares of Godrej Properties gained 4.77% to Rs 1,578.40 as of 12.15 pm, compared to a 0.14% decline in the benchmark NSE Nifty 50. It rose as much as 5.47% intra-day to Rs 1,589, the highest in four weeks.
The total traded volume so far in the day stood at six times its 30-day average. The relative strength index was at 82, implying that the stock may be overbought.
Of the 22 analysts tracking the company, 13 maintain a 'buy' rating, five recommend a 'hold', while four recommend 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.5%.
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