Prestige Estates Projects hit a new high at Rs 1,231.95, up 6% in Thursday's intra-day trade and has surged 46% in past one month amid expectation of healthy demand.
In past one month, the stock has outperformed the market by surging 28 per cent, as compared to 0.34 per cent gain in the S&P BSE Sensex and 15 per cent rally in the S&P BSE Realty index.
Charts suggest that the bias for the realty stocks is likely to remain favourable as long as they hold these key support levels.
The S&P BSE Realty index up 3 per cent was the top gainer among sectoral indices on Tuesday.
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The average trading volumes on the counter jumped over five-fold today with combined 18.96 million equity shares changing hands on the NSE and BSE till 09:24 AM.
Knight Frank India, in association of NAREDCO has projected India's real estate sector to expand to $5.8 trillion and contribute 15.5 per cent to the total economic output by 2047.
The new CEO Amit Sinha has outlined ambitious business growth of 5x over the next 5 years from around Rs 2,268 crore of residential and IC business sales to Rs 8,000-10,000 crore by FY28.
Thus far in the current calendar year 2023, DLF has rallied 33 per cent, as compared to 8.7 per cent rise in the S&P BSE Sensex.
Including today's gains, the Nifty Realty index has surged 7 per cent this week as against 0.3 per cent fall in the benchmark indices
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The 11 large and listed realtors in the sample set are Brigade Enterprises, DLF, Godrej Properties, Kolte-Patil Developers, Macrotech Developers, Mahindra Lifespace Developers, Oberoi Realty, Prestige
MDL's operating performance is expected to remain healthy in FY24, supported by healthy enduser demand, strong launch pipeline and healthy affordability, while maintaining a reducing debt trajectory.
Motilal Oswal continues to see re-rating potential in companies, which would provide further growth visibility on the back of strong business development through robust cash flows.
If this move sees daylight, it is expected to relieve thousands of homebuyers living with the scary thought of all their money going down the drain if in case their developer goes bankrupt
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Sobha Developers gains most at 11.5%, DLF and Mahindra Lifespace add over 7% each; BSE Realty index soara 4.3%, most among the 19-sectoral sub-indices
Since April, in past one-and-half months, the S&P BSE Realty index has rallied 21 per cent, as compared to 5.8 per cent rise in the S&P BSE Sensex.
The company reported 40 per cent YoY growth in consolidated net profit at Rs 581 crore for the January-March quarter, driven by strong margins and revenue mix.