Godrej Properties Limited gains on Chennai project

Written by Reuters | Updated: Mar 28 2014, 20:54pm hrs
Shares in India's Godrej Properties Ltd rise as much as 3.5 percent to 197.90 rupees, their highest since Sept. 20, 2013, after the company said late on Thursday that it added a new residential project in Chennai.

"A pick-up in launch activity for Godrej is encouraging and comes after a slow CY13 due to approval issues. Importantly, a shift in project launch mix towards high margin premium projects should aid margin recovery in FY15/16," JP Morgan said in a note to clients.

Godrej shares up 2.54 percent at 196.15 rupees as of 0435 GMT.