In Friday’s trading session, the shares of one of the leading real estate development company in India surged by 4.8 percent on BSE to Rs. 172, after the company announced a collaboration with Golden Growth Fund to invest Rs. 400 crores in Delhi real estate.
At 11:11 a.m., the shares of Grovy India Limited were trading in the green at Rs. 168.9, up by 3 percent, compared to its previous closing price of Rs. 164, with a market cap of Rs. 56.3 crores.
What’s the News:
According to the latest regulatory filings with the BSE, Grovy India Limited announced a collaboration with Golden Growth Fund (GGF) and approved for Rs. 400 crore investment in Delhi real estate.
This collaboration marks a significant milestone for both Grovy India as well as GGF, as they join forces to enhance investment opportunities and empower investors.
GGF is a Category 2 Alternative Investment Fund (AIF) that prioritises investor-centric approaches and empowers investors to make informed decisions.
Previous News:
On 8th May, Grovy India Limited announced the successful completion of one of the remarkable projects “GK-1, 22,000 square feet,” located in New Delhi.
Financials:
The company experienced a significant drop in revenue from operations, with a year-on-year decrease of 67 percent, falling from Rs. 10.6 crores in Q4 FY22-23 to Rs. 3.5 crores in Q4 FY23-24.
Net profit also declined by about 60 percent YoY, from Rs. 0.1 crores to Rs. 0.04 crores during the same period.
Further, Grovy India remains optimistic about Delhi’s real estate market, as the company believes that Delhi offers a diverse range of properties, from affordable apartments to luxury homes, and is increasingly popular among investors.
According to the company, ~40 percent of investors now consider real estate in Delhi-NCR to be the top investment option, reflecting its strong market appeal.
Stock Performance:
The stock has delivered positive returns of nearly 82.6 percent in one year as well as around 84.5 percent returns in the last six months. So far in 2024, the shares of Grovy India have given about 55 percent of positive returns.
About the company:
Established in 1985, Grovy India Limited is a real estate & infrastructure development and consultancy company. Its diverse portfolio encompasses residential, commercial, and mixed-use developments that serve diverse market segments.
The company’s core strengths lie in the rescaling of existing spaces, including redevelopment of space through turnkey projects, joint ventures, and outright purchases. Additionally, Grovy India offers services in cost consultancy, planning and design, property selection, and design and material consulting, among other areas.
Written by Shivani Singh
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