On December 5, Shriram Properties Ltd witnessed a 1% decline in shares following a significant block deal involving 16.80 million shares, representing a 10% stake in the company and valued at Rs 214 crore, as reported by Bloomberg.
Despite the dip, details regarding the buyers and sellers involved in the block deal remained undisclosed. As of 9:40 am, the stock was trading at Rs 118 on the BSE, reflecting a 1% decrease from its previous close.
Shriram Properties reported a substantial 40% growth in sales booking, amounting to Rs 608 crore in the second quarter of the fiscal year. This surge is attributed to heightened demand for the company’s housing projects, marking a notable increase from Rs 435 crore in sales bookings during the same period last year. Additionally, sales bookings demonstrated a 14% growth in terms of area, escalating from 1.01 million sq ft to 1.15 million sq ft from July to September compared to the previous year.
As of 2:34 pm, the shares rebounded, trading 7.39% higher at ₹127.80.
