Shares of Oberoi Realty succumbed to heavy profit-booking on May 17 and traded down over 6 percent. The stock was quoting Rs 912.75, down 6.43 percent, at 2.30 pm.
All realty stocks, along with Oberoi Realty, saw heavy demand through the past few days as declining bond yield and record-breaking pre-sales numbers lifted sentiment.
The stock slipped below the 20-day moving average, which is a short-term negative signal.
“Despite global headwinds, the domestic tailwinds have given a huge boost to the residential sector. Demand for housing has continued to grow, driven by the aspiration of continued home ownership by end-users. Industry consolidation has led to incremental market share gains for organised players,” said Vikas Oberoi, CMD of Oberoi Realty.
On May 16, the company recorded a consolidated revenue of Rs 995.11 crore for Q4FY23 as against Rs 842.94 crore a year back. Its consolidated post-tax profit stood at Rs 480.16 crore as against Rs 232.78 crore last year.
“The retail segment is experiencing phenomenal footfalls and strong growth across consumption. We expect a sustained interest in Grade-A offices as occupiers and employees focus on the quality of space that they occupy. In the coming year, we look forward to the launch of new projects and entry into new markets, leading to enhanced value for our stakeholders,” Oberoi said.
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