Shriram Properties is currently trading at Rs. 77.85, up by 0.85 points or 1.10% from its previous closing of Rs. 77.00 on the BSE.
The scrip opened at Rs. 77.10 and has touched a high and low of Rs. 78.90 and Rs. 77.10 respectively. So far 31237 shares were traded on the counter.
The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 115.75 on 20-Jan-2022 and a 52 week low of Rs. 76.20 on 24-Feb-2022.
Last one week high and low of the scrip stood at Rs. 80.95 and Rs. 76.25 respectively. The current market cap of the company is Rs. 1320.52 crore.
The promoters holding in the company stood at 28.00%, while Institutions and Non-Institutions held 50.41% and 21.59% respectively.
Shriram Properties (SPL) has entered into a Memorandum of Understanding (MoU) with LOGOS, an Asia-Pacific logistic specialist, for a potential sale of up to 90 acres of land in Shriram Grand City at Uttarpara, Kolkata, which will be developed into a Warehousing and Logistics Park by LOGOS. SPL is already developing 4.5 million sqft of residential apartments serving 5,500 families and is poised to hand over 500 homes during H1-FY23. The company has maintained that it intends to develop 10 million sqft of saleable area for residential development and sell the remaining area to strategic partners for other formats of development.
The proposed sale of land is integral to this strategy. Following finalisation of the transaction, LOGOS intends to develop the land into a modern, sustainable logistics Park offering approx. 2.2 million sqft of industrial and warehousing space. The Park is expected to generate 50,000 of local direct and indirect jobs in West Bengal. The transaction is expected to be completed during 2H-FY23 on satisfactory completion of necessary due-diligence and receipt of requisite approvals.
Shriram Properties is one of the leading residential real estate development companies in South India, primarily focused on the mid-market and affordable housing categories.