Godrej Properties up over 1% on new business foray buzz

Shares of Godrej Properties jumped over 1 percent intraday Monday on company’s plans to venture into a new business segment. According to a report in Mint, the company plans to foray into plotted land development business in a bid to increase its presence in different cities. It is reportedly looking for land parcels in outskirts of cities such as Bengaluru, Pune as well as National Capital Region (NCR). Under a plotted land development system, customers are sold the plot after developing the surrounding area with a basic infrastructure.The funding for this will come from the company’s USD 275-million investment platform, the report added.   The stock has seen a steady uptick in the past one month, with a spike of around 9.47 percent. Earlier this month, the stock had seen a rise of 3 percent on strong sales numbers at its Pune project. In an interview to CNBC-TV18 earlier, Pirojsha Godrej, MD and CEO of the company had said that strong pipeline combined with a slew of important upcoming launches will give a big leg up to the company's pre-sales numbers.At 10:52 hrs Godrej Properties was quoting at Rs 334.60, up Rs 2.85, or 0.86 percent. It has touched an intraday high of Rs 336.55 and an intraday low of Rs 330.00.