Shriram Properties Shares Trade On New 52-Week High As 10% Equity Swap Hands In Block Deal

The share price of Shriram Properties traded at a new 52-week high value of Rs 127.80 per share in the intraday trading on Tuesday. Shriram Properties shares also saw a spurt in trading volume by over 7.15 times. As of today, the stock has a 52-week high and 52-week low of 127.80 and 53.25 respectively.

Shriram Properties stock price was spotted trading 5.67% higher at Rs 125.80 at 2:09 pm IST today. At this price, the company has a market capitalization of Rs 2,138.83 crore.

The stark jump in the company's share price was seen on the back of block deals that took place on Tuesday. Today, the Shriram Group-backed company Shriram Properties saw a substantial block deal, where roughly 10% stake of the company or 16.80 million shares swapped hands. The focus has been on the clean-out trade started by a significant private equity (PE) investor, which has fully divested its holdings.

The company's order book on NSE showed 43,13,964 shares in the buy quantity and 12,52,146 in the sell quantity category.

On the buying side, the block deal saw the participation of a few large high-net-worth individuals (HNIs) and hedge funds. The well-bid book underscores the strong demand for Shriram Properties' equity, making it a worth-noticing transaction in the current market situation.

In the last one year, shares of Shriram Properties have gained 54.39%, while the stock's year-to-date performance is up 65%. The stock's last 3-months and 6-months performance has increased 34.88% and 86.93% respectively.
In the second quarter ended September 30, 2023, the company posted a 3% on-year growth in net profit to Rs20.2 crore compared to Rs 19.7 crore. Sequentially, there was a 21% increase.

Total revenues fell by 16% year-on-year to Rs 231.3 crore, however sequentially, they rose 47%. The EBITDA for the quarter stood at Rs 65.2 crore, up 27% on-year jump and a 20% on-quarter growth.

About Shriram Properties:

Shriram Properties Ltd (SPL) is one of South India's leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories. SPL's key markets include Bangalore, Chennai, and Kolkata which together account for nearly 85% of its development activities.

SPL has demonstrated a track record having delivered 40 projects with a saleable area of 22.4 msf, mostly in the cities of Bengaluru and Chennai. SPL has a strong development pipeline comprising of 49 projects with an aggregate development potential of 51.1 msf, as of September 30, 2023. SPL is part of the Shriram Group, a prominent business group with four decades of operating history in India, and is backed by a globally renowned private equity player affiliated with TPG. SPL made its initial public offering and became a publicly traded company in Dec'21.