Prestige Estates spikes 5% on CLSA buy report
Bangalore-based real estate firm Prestige Estates Projects rose more than 5 percent intraday on Thursday after the foreign research house CLSA has recommended buying the stock.
March 14, 2013 / 14:04 IST
Bangalore-based real estate firm Prestige Estates Projects rose more than 5 percent intraday on Thursday after the foreign research house CLSA has recommended buying the stock.
The target price for the stock is Rs 218 a share, according to the report."Steady execution and high visibility on sales and rentals imply that the profit surge in the third quarter will sustain," CLSA reasoned. Net profit of the company jumped 2.56 times year-on-year to Rs 161.90 crore in the quarter ended December 31, 2012 and revenues shot up 3 times to Rs 492.07 crore during the same period.Last week in an interview with CNBC-TV18, Param Desai of Nirmal Bang said the broking firm continues to remain positive on the Bangalore market as the absorption remains pretty strong. "There is a good visibility on new launches with the company. They have done good amount of pre-sales over the last six-nine months which will start flowing in the P&L going forward," he added.At 13:31 hours IST, shares went up 4.46 percent to Rs 171 on Bombay Stock Exchange. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
