Feb 22, 2013, 11.53 AM | Source: Moneycontrol.com
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.
In the previous trading session, the stock dropped 1.67 percent to close at Rs 179.95.
Real estate firm reported its quarterly earnings last week. Total revenues doubled quarter-on-quarter (QoQ) to Rs 492 crore in the quarter due to revenue recognition from some of its projects like Kingfisher Towers and Prestige park view.
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.