Godrej Properties Advances On The Addition Of Large Redevelopment Project In Mumbai; RSI > 70

Godrej Properties Report: Shares of Godrej Properties Ltd. rose 2.5% to Rs 2,290 apiece after the company announced that it entered into an agreement to redevelop a land parcel in Wadala, Mumbai. The project, spread across 7.5 acres, will offer 0.15 million square metre of saleable area primarily comprising of residential apartments.

• In an exchange filing, Godrej Properties said that the land parcel is situated in a marquee residential location and is very close to Matunga Five Gardens. The project has connectivity via road, rail and monorail services.
• Of the 20 analysts tracking the company, five maintained ‘buy’, six maintained ‘hold’ and nine maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 35.9%.
• The relative strength index on the stock was 85, suggesting it may be overbought.
• Trading volume was 1.9 times the 30-day average volume for this time of the day.
• Godrej Properties was the top gainer among peers in the S&P BSE Realty Index in September so far with the shares gaining 53% compared to 31% gains for the realty index

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