Shriram Properties shares rise over 7% today, here’s why

livemint.com:

Shriram Properties rose nearly 6.68% to ₹126.95 apiece on Tuesday’s trading session. At 15:10 IST, the stock surged 10.63%, an intraday high to ₹128.50 per share on December 5. The shares recorded a substantial surge following a block deal that involved 16.80 million shares, equivalent to a 10 percent stake in the company, with a total value of ₹214 crore, according to a Bloomberg report.

However, information regarding the identities of the buyers and sellers remains undisclosed at this time. As of 9:40 am, the stock was being traded at ₹118 on the BSE, reflecting a 1 percent decline from its closing price in the previous session. The stock has surged 67.15% year-to-date on December 5 on BSE.

Shriram Properties experienced a remarkable 40 percent surge in sales bookings, reaching ₹608 crore in the second quarter of the current fiscal year, attributed to heightened demand for its housing projects. In comparison, sales bookings were at ₹435 crore during the same period last year. Additionally, the company witnessed a 14 percent growth in sales bookings in terms of area, expanding from 1.01 million sq ft to 1.15 million sq ft from July to September, as opposed to the previous year.

For the quarter ending September 30, 2023, Shriram Properties disclosed a 3 percent year-on-year increase in net profit, reaching ₹20.2 crore compared to ₹19.7 crore. Sequentially, there was a substantial 21 percent rise. Despite a 16 percent decline in total revenues year-on-year to ₹231.3 crore, there was a noteworthy sequential surge of 47 percent.