Moneycontrol
Last Updated : Nov 27, 2018 12:19 PM IST | Source: Moneycontrol.com

Godrej Properties rises 2% as Deutsche Bank sees 49% upside

Deutsche said the impact of joint venture with Hero Cycles on near-term financials would be limited.

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Godrej Properties shares gained 2.5 percent intraday Tuesday as global investment firm Deutsche Bank remained bullish on the stock. It is in addition to 3 percent rally seen in previous session.

The research firm has a buy call on the Mumbai-based real estate developer with a target price at Rs 1,000, implying a massive 49 percent potential upside. "Godrej Properties remains one of the preferred stocks in Indian realty universe."

Deutsche said the impact of joint venture with Hero Cycles on near-term financials would be limited and the JV should be seen in the context of company’s stated asset-light business model.

On Monday, Godrej Fund Management, the real estate private equity arm of the Godrej Group, and Godrej Properties entered into a joint venture with Hero Cycles for their Golf Course Road property in Gurgaon.

The joint venture will develop, lease, and manage around 1 million square feet of prime office and retail space on the 4-acre property.

At 11:27 hours IST, the stock was quoting at Rs 680.10, up Rs 8.75, or 1.30 percent on the BSE.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
First Published on Nov 27, 2018 11:37 am
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