Prestige Estates Projects declined on Friday after the research firm UBS downgraded the stock with a sell rating and cut its target price to Rs 195.
"Prestige is the best proxy to Bangalore, however, with property prices up 23 percent year on year and inventory at peak levels, near-term presales may slow in Bangalore," UBS reasoned.
At 10:57 hours IST, shares went down just 0.11 percent to Rs 179.75 amid high volumes on Bombay Stock Exchange. It has touched an intraday high of Rs 183.90 and low of Rs 178.50.
Meanwhile, earnings before interest, tax, depreciation and amortisation (EBITDA) surged nearly 100 percent to Rs 142.4 crore in the December quarter. Net profit also doubled to Rs 92 crore.
Prestige Estate stock price
On November 24, 2015, Prestige Estates Projects closed at Rs 204.20, up Rs 3.15, or 1.57 percent. The 52-week high of the share was Rs 323.70 and the 52-week low was Rs 181.00.
The company's trailing 12-month (TTM) EPS was at Rs 12.01 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 17. The latest book value of the company is Rs 103.85 per share. At current value, the price-to-book value of the company is 1.97.
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