CLSA has maintained buy rating with a target of Rs 873. It said that Q2 earnings growth of 88% YoY was above estimates.
Shares of Godrej Properties touched 52-week high of Rs 739.50, rising nearly 3 percent intraday Monday.
The company has reported 88 percent jump in its Q2FY18 net profit at Rs 44.16 crore against Rs 23.48 crore for the same period last year.
Macquarie has downgraded the stock to neutral with target of Rs 650. The global research firm said that RERA & GST will yield market-share gains in the medium term. Further, it said that it liked the company’s strategy to add new projects to its portfolio through attractive deals. Currently, it believes that Phoenix Mills offers better risk/reward in the sector.
CLSA has maintained buy rating with a target of Rs 873. It said that Q2 earnings growth of 88% YoY was above estimates. Further, it added that BKC office space sale drove the revenue surprise. Further, strong pre-sales momentum should continue and it increased the earnings to reflect a likely record year.
Godrej Properties has approved scheme of amalgamation of Godrej Real Estate, wholly owned subsidiary with the company.
At 11:56 hrs Godrej Properties was quoting at Rs 731.80, up Rs 13, or 1.81 percent on the BSE,Posted by Rakesh Patil